Bitcoin's price action has resembled the pattern that sent it to $60,000 in early February, with a similar pattern forming since then. This is called a counter-trend recovery, a bounce within a downtrend, which led to a significant sell-off. Since then, bitcoin has traded in a narrow range with an upward tilt, contained perfectly between the two trendlines. The current relief rally lacks the momentum of the November-January pattern. If bitcoin falls below the lower trendline of its current channel, around $65,800, could signal a return of bearish control.