Bitcoin's bullish volatility stopped yesterday

Bitcoin's bullish volatility stopped yesterday when it hit the resistance of the $25,200-$26,700 range, and we saw a strong negative reaction to this resistance range.

This resistance zone, which is related to the monthly time frame, is very important in the Bitcoin trend. This almost 7% price decline continued to one of the short-term support levels, and a positive reaction has been seen by hitting the $23,270-$23,370 range.

The support that has been accompanied by a positive reaction is exactly the ceiling of the channel in the past price, which was previously broken by high buying pressure, and has become support.

For the Bitcoin chart, we can also consider a short-term ascending channel, which caused a negative reaction when it hit the ceiling of this channel yesterday.

Due to this strong return and hitting the midline of the channel, if the current support is lost, the further price reduction can continue until the bottom of the channel, i.e. the support range of $22,290 to $22,500 and even the price of $22,000.

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