$BTC Eyes a Breakout From the Descending Channel Toward $78,770 Bitcoin has been trading inside a Descending Channel for the past 4–5 days, while renewed tensions in the Middle East have added pressure to Bitcoin and other risk assets. BTC is now attempting to break above the key trading levels of $77,400-$77,630. Technical Analysis If these levels are broken, Bitcoin could move toward the Cumulative Short Liquidation Leverage and the key trading level of $78,770, which also aligns with the upper trendline of the Descending Channel. From an Elliott Wave perspective, Bitcoin still appears to need to complete Wave Y of a Double Three Correction(W-X-Y). I expect Bitcoin to break above $77,400-$77,630 and rise toward $78,040 and $78,570. Stronger bullish momentum could open the way above $78,770. Stop Loss(SL): $76,580 CME Gap: $76,480-$76,255 Can Bitcoin break $78,770 and escape the Descending Channel before another move toward $75,000? #BTC Price Analysis#