Breakout from Downtrend Line and Potential Retracement Ahead

Bitcoin has displayed a favorable response within the past 24 hours as it successfully reacted to its support level and surpassed the downtrend line, thereby maintaining an ascending channel. However, while a retracement has been established towards the downtrend line, it has yet to exhibit sufficient strength to offer substantial support. Consequently, there is a possibility of a more pronounced retracement occurring within the $30,180 range. Taking into account the positive movement observed in the previous day, if there is no selling pressure affecting the $30,180 support level, the next target for Bitcoin could be around $32,000. It is important to note that breaching this support level may result in Bitcoin returning to the lower levels initially projected.
Additionally, please note that we will continue to update this analysis as new information becomes available.