Consolidation and Support Break in Short-Term Descending Channel

Bitcoin experienced limited volatility over the past 24 hours. After encountering resistance at the $28,400 level, the cryptocurrency underwent a correction phase, breaching its initial support within the $27,800 range. As previously mentioned, Bitcoin has the capacity to retest its previous peak as long as it sustains its dynamic support. However, it is crucial to observe a favorable response at the upper boundary support of the preceding range channel. Consequently, Bitcoin presently remains confined within its near-term descending channel, necessitating a breakthrough above the $28,400 resistance level to exit this channel.