Bitcoin Tests Channel Support, Eyes Breakout Above Supply ZoneBitcoinOANDA:BTCUSDZenTrade_SetupThe 1H BTCUSD chart shows Bitcoin trading within a well-defined ascending channel that has guided price action for the past two weeks. After a strong impulsive rally that pushed price to a high of 66,922.8, aligning with the 1.0 Fibonacci extension, the market entered a corrective phase, retracing through key levels including the 0.618 (65,709) and 0.5 (65,354) marks. This pullback was confirmed by a CHoCH (Change of Character) signal, indicating weakening bullish momentum after the rejection near the Major Supply/Resistance Zone (65,350–65,600) — a level that has repeatedly capped upside attempts throughout July. Currently trading at 64,098.0, down 0.11% on the session, price has dropped to the lower boundary of the ascending channel, an area that has historically provided strong support during this trend. This channel structure, combined with the 0 Fibonacci level near 63,746, creates a zone of confluence where buyers may look to step back in. The projected path suggests a stepped recovery is possible from this channel support, with price potentially working through a minor pullback before attempting to reclaim the Major Supply Zone and push toward a breakout above the channel's upper boundary, targeting fresh highs beyond 66,922.8. From a risk management perspective, the key invalidation level is a decisive break below the channel's lower trend line (under 63,745). Such a move would suggest the ascending channel structure has broken down and could open the door for a deeper retracement toward the Buy Zone near 61,380–62,000. For now, structure favors a bounce from channel support, with traders watching for confirmation before targeting a breakout above the supply zone. Do you think Bitcoin will hold channel support and break higher, or will we see a deeper pullback toward the Buy Zone first?