Bitcoin's price action has established higher lows following a rebound from the $60,000 region, signaling an improving market structure.
The current range near $78,000 to $79,000 places bitcoin just beneath a significant supply zone between $80,000 and $82,000, where prior distribution occurred.
On the four-hour chart, bitcoin maintains a well-defined upward channel that has been intact since early April. The sequence of higher highs and higher lows reinforces a constructive trend, though momentum appears to be moderating as price approaches overhead resistance.