Bitcoin is currently in a strong downtrend

Bitcoin is currently in a strong downtrend on the 4-hour timeframe, consistently declining over the mid-term. It's positioned within a robust and long-term descending channel, continuing its downward movement. As long as Bitcoin stays within this channel without breaking upwards, the market sentiment remains bearish. A trend reversal is only likely if Bitcoin breaks out above this channel.
Currently, Bitcoin is near the upper boundary of the channel, suggesting a potential drop towards the lower boundary. After hitting the bottom, there might be an opportunity for an upward move.