On the 4-hour chart for Bitcoin, we've got an interesting setup developing. The price is teasing the upper boundary of an ascending channel, indicating a strong resistance zone around 38K. Despite recent attempts to breakout from this level, BTC is struggling to hold, signalling potential exhaustion among buyers.
With all eyes on the 38K zone, a confirmed break above could invalidate the bearish outlook, potentially triggering a short squeeze due to the recent greed in the market. However, failure to maintain above this level could see BTC slide back down within the channel and possibly test lower support levels, with significant interest around the mid-30K range.