Bitcoin is starting September on a much stronger note after struggling through the second half of August. The key development is the channel down formation, clearly marked with green lines on the chart. This bearish structure guided the decline, but the downward momentum seems to have ended at the beginning of this week.
at the beginning of this week.
The turning point came with a bounce off the orange horizontal support, a level that stopped Bitcoin from making fresh lower lows. That bounce fueled a recovery, and the price has now managed to break above the upper boundary of the channel down. This breakout is a textbook bullish signal and shifts sentiment firmly to the upside.
As long as Bitcoin stays above the upper green line and continues to defend the orange support, the outlook remains positive. Buyers are in control for now, and the setup favors further gains in the short to mid-term.