On the weekly chart, #Bitcoin has now broken down from the rising channel it has been in since 2023. After a close below $102,000, which is Fib 1.618 at the beginning of the month, the correction has gained strength on a weekly scale. Currently, BTC is testing the $83,500 zone, which was a significant support in March. This area represents both a critical support on the weekly and corresponds to Fib 0.786 on the daily.

If the range of $83,500–$85,000 is protected once again, the possibility of a recovery in Bitcoin may increase. To continue this recovery, it will be important to hold above $93,600. If it cannot hold, the reactions may remain weak and the downtrend may continue.
If this support line is broken, the decline could deepen further and lead to the $BTC dropping to the $70,000 zone. The weekly Stochastic RSI is still in oversold territory, but since there hasn't been an upward crossover, a clear bottom formation is not yet confirmed.