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Charts don’t lie. A slow Thursday saw the price of BTC struggling to stay above the $55k level and turning sideways to revisit its support near $53k. The formation of a major descending channel on the hourly chart of BTCUSD casts a ceiling at $54k, striking fear that a failed breakout may extend the decline towards $50k. Bitcoin 30-day returns have dipped to the negative region. On a brighter note, the greatest buying opportunities in previous bull cycles occurred when the returns were around -10%.