3 weeks ago
9
Key Takeaways
- BTC has broken above its multi-week descending channel from the $57,800 low.
- 7-day exchange netflow remains deeply negative at -10,274 BTC despite a +127 BTC inflow on July 11.
- Funding cooled from 0.007781 to 0.004945 with open interest near $21.83 billion.
The channel break is the cleanest technical development Bitcoin has produced since the June selloff. Price spent five weeks grinding lower, printing the $57,800 low in late June before climbing back through the upper boundary this week. The structure that follows a channel exit tends to be decided quickly: either the breakout level holds as support on a retest, or price slips back inside and the move is classified as a fakeout.
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