Even while in a fairly oversold condition, the bears were still able to drag the $BTC price further down, which ended with a touch of the $76K horizontal support level. Back now at $77K, the Bitcoin bulls possibly have one more chance to break back into a descending channel, although with very heavy resistance around $80K a damaging lower high may be the eventual outcome.

Bitcoin Tests $76K Support: Next Rally Do or Die for the Bulls?