Technical analysis by FXBANkthe8055 about Symbol XPR: Sell recommendation (11/1/2024)

As it has been doing for the past few months, the price channel that Bitcoin is trading inside is descending. When Bitcoin gets closer to the upper limit of this channel, which is around $70,000, the chance of another attempt to break through this level increases, but so does the chance of a drawback.The price action of Bitcoin has recently bounced off lower levels indicating strength according to the chart analysis but it is still stuck in this declining channel. Bitcoin will require a strong catalyst or considerable buying momentum to break above the upper trendline and launch a significant advance toward $70,000.