Bitcoin price just crossed the downtrend channel. It is too early to say if we are in bull or bearish market.
This is 5th attempt to exit this bearish channel. We should stay above $8.5k for several days as confirmation for trend reversal.
If we will fail to break the downtrend, we may face significant Bitcoin price dump towards $5.5k.
1) volumes are not high at all, lower compared to the previous attempts - sign that we might not break the bearish channel and continue down-trending
2) RSI is pretty high which points to overbought conditions and this is another potential sign for bearish trending
3) BTC shorts increased significantly compared to BTC longs, meaning long positions are not going up which may point to false breakout