Mid-Term Bitcoin Update: Bearish Momentum, Key Supports, and RevBitcoin / TetherUSBINANCE:BTCUSDTBullishway1You are looking at the historical weekly chart of Bitcoin. After touching the ceiling of the historical channel (green), Bitcoin entered a correction and price decline. Its most important support was the floor of the ascending channel (yellow), which it lost. For this reason, its price decline gained more momentum. Currently, it is declining inside the pink descending channel until one of these two scenarios happens: It reaches the midline of the historical channel (around $38k to $40k) within this pink channel. It will only attack the ceiling of the historical channel again when the ceiling of the current descending channel (pink) breaks upwards, and of course, it also faces the tough resistance of the weekly Ichimoku cloud ahead. Therefore, in the first step, smart money will only enter with a breakout of the pink channel ceiling, with the initial target being the floor of the weekly Ichimoku cloud. So for now, it is moving inside the pink channel towards the midline of the historical channel in the medium term.