**Overview:** Bitcoin is trading below the 50, 100, and 200 EMAs, within a descending channel, indicating a bearish trend. A break above these EMAs could trigger bullish price action.
**Scenarios:** 1. **Bullish:** Break above EMAs and channel top could target $68,000. 2. **Bearish:** Failure to break above EMAs and a close below $54,018 may lead to a drop towards $47,710 or lower.
**Conclusion:** I think the price must break soon in the next few weeks, likely following our scenario with the blue forecast lines. Watch for a breakout above the EMAs for bullish potential; otherwise, expect further downside within the channel.
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