Bitcoin remains under pressure despite short-term recovery

Bitcoin is coming down very nicely in 2026. We can see a pretty strong and extended decline over the last month or so, especially since price also broke through the corrective channel support near 71k, which confirmed that the recovery from the February lows unfolded as a counter trend movement and in three waves. We can see that price already retested the lows of the year before the current rebound appeared, which now still looks like it can be a wave four rally as part of an ongoing and incomplete impulsive decline. We see broken channel support now, so this weakness can send prices even lower into wave five, closer to 55k, maybe even 50k, which could be a very important support level for Bitcoin this year.

So for now it still looks like, despite the current rebound, that the higher degree downtrend may not be finished yet.

Looking at the daily chart, it looks like wave (C) is already in progress after the recent (B) wave correction, unless wave (B) is going to be larger and more complex. The key support remains around the 50k-48k area.