BTCUSD testing the channel's resistance, potential decline seenBitcoin / U.S. dollarBITSTAMP:BTCUSDlixing_ganBitcoin prices hovered near recent lows as onchain data showed that the Total Supply Held by LTHs has declined by around 390k BTC since Jul's peak, signaling ongoing distribution. ETF outflows have persisted through Nov, with only minor inflows offering a limited offset, underscoring waning demand. Bitcoin prices may remain under pressure as risk appetite softens and investor conviction weakens. From a technical perspective, BTCUSD is testing the upper bound of the descending channel, which coincides with the 106,500 resistance. The Ichimoku cloud is also indicating bearish pressure. If BTCUSD breaks the psychological support level at 100,000, the price may extend its decline toward the 93,000 support level. Conversely, a bullish breakout of the channel may prompt a retest of the resistance at 115,000. By Li Xing Gan, Financial Markets Strategist Consultant to Exness