Bitcoin is still trending lower inside a descending channel visible on the daily and weekly chart, but the price is currently bouncing off a major technical support that has always held.

Price is finding support at the 200 SMA dynamic inflection point and might be due to continue its climb from here. The 100 SMA is above this longer-term moving average to confirm that the path of least resistance is to the upside. In other words, the climb is more likely to regain traction than to reverse.

However, the gap between the moving averages has narrowed to indicate that bullish momentum is weakening. There is still some distance to suggest that a bearish crossover is not imminent, but Bitcoin would need to climb back above the 100 SMA dynamic support to confirm that bulls still have the upper hand.

RSI is also on the move up to indicate that buyers are just returning and could have enough energy to push the price to the next upside targets at the channel top or 100 SMA. Stochastic is also on the move up after recently dipping to the oversold region, also suggesting that bullish momentum is in play. Both oscillators have plenty of room to climb before reaching the overbought zone, which suggests that bullish momentum could stay on.

Bitcoin continues to keep its head afloat as bulls defend support zones while hoping to get more industry developments. There is a lot of anticipation for institutional investment, which would likely be boosted once Fidelity is able to launch its platform.

For now, though, there is some downside pressure as Facebook is said to be creating its own digital asset on its social media platform, which already boasts of billions of active users. Although this could create stiff competition for Bitcoin, there are still plenty of arguments that favor Bitcoin overall.

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