Bitcoin is trading around 57,894 within the downtrend channel formed since August 30 and within the main downtrend channel formed since August 22. A strong bearish signal is observed.

Yesterday during the American session, Bitcoin (BTC/USD) tried to break the strong resistance at 58,300. The area that converges with the top of the bearish channel prevented it from a further rise.

Bitcoin is likely to resume its bearish cycle in the next few hours. The price could fall to 2/8 of Murray located at 56,250 and finally, it could reach the bottom of the bearish trend channel around 55,200.

Bitcoin is under bearish pressure. The crypto could likely reach the psychological level of $50,000 in the next few days. The key is that the BTC price remains below the 200 EMA located around 60,323.

Should Bitcoin make a sharp break above the downtrend channel and above the 21 SMA, we could expect a continuation of the bullish move and the crypto could reach 3/8 of Murray at 59,375 and could finally reach the 200 EMA around 60,326.

In the short term, the outlook remains negative for Bitcoin as long as the price consolidates below $62,500. So, any technical bounce could be seen as an opportunity to continue selling.