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Cryptocurrency observation: BTC breaks free from 50-day downtrend, aiming for new highs
BTC breaks through the downtrend channel.
The average leverage ratio of top BTC traders delta falls below 2.
As the Cryptocurrency market shows signs of recovery from the recent slump, BTC [BTC] continues to gain follow.
Within the hourly time frame, BTC finally broke out of the downward parallel channel that has been in place since late July 2024. This range has lasted for over 50 days.
The PA of BTC/USDT indicates that this is a potential turning point for BTC and has undergone a textbook-like retest. As the price approaches the resistance level, the PA forms higher highs and higher lows.