Despite a short-lived rally above $85,000, analysts caution that Bitcoin is likely to remain trapped in a range-bound battle before finding true support. The break of its multi-year price channel signals more downside risk, while the market’s reliance on Fed announcements for potential relief adds to the uncertainty. 2023’s upward trend has been disrupted, leaving traders scrambling to find a new baseline after multi-year ascending support was broken. 7 Crypto strategist Steven Ehrlich observes that buyers haven’t shown convincing strength yet, and technical indicators point towards prolonged correction, not reversal. He highlights Bitcoin’s influence on the broader market – ‘BTC is steering the ship this time,’ not simply reacting to sentiment. Michaël van de Poppe, another prominent analyst, predicts a base forming after weeks or even months of turbulent sideways movement before any clear direction appears. Expect repeated tests at lower levels and around $87,000-$90,000 before a true trend emerges. His analysis chart highlights the market testing major support zones repeatedly. The recent reaction to Fed rate-cut speculation shows how fast-paced macro news can trigger volatility, but it’s not enough to completely outweigh heavy selling pressure. Bitcoin’s intraday rebound quickly faded, reinforcing that a deeper reset is needed for a sustained bullish attempt. This information should not be considered financial advice. Always consult a licensed advisor before making investment decisions.