The crypto analyst defended his bullish thesis on the fact that Bitcoin price has so far defended a buy zone around $81,583. Additionally, CryptoCove argued that the $BTC/$USDT chart on the four-hour chart has been forming a potential bullish descending channel.

When will Bitcoin rebound?

Bitcoin price has faced more selling pressure over the past two weeks, driven by increased distribution from investors in the United States.

As of press time, the Coinbase Bitcoin Premium Index, the price difference between $BTC-USD’s price at Coinbase and Binance, was at -0.1412, which means the flagship has been trading at an increased discount on Coinbase compared to global exchanges, according to data from CoinGlass.