Bitcoin Technical Analysis: Pullback Channel and Pattern ConsoliBitcoin / TetherUSBINANCE:BTCUSDTLeoGoldFXThis chart illustrates a multi-layered corrective phase for Bitcoin. After an initial "Compression" phase (tightening price action), the market entered a broad Pullback Channel. Within this downward-sloping channel, several smaller technical structures—specifically a Wedge pattern and a Triangle pattern—have formed, showing the struggle between buyers and sellers. The price is currently testing the lower boundary of the major pullback channel. The hand-drawn black arrows suggest a "Double Bottom" formation at the current support level (around $64,000), predicting a bullish bounce back toward the upper resistance line of the channel (near $67,000 - $68,000). What This Means for Traders The analyst who prepared this chart is looking for a reversal. By highlighting the touchpoint at the bottom of the channel, they are suggesting that the "selling pressure" may be exhausted, setting the stage for a relief rally.