Bitcoin at the start of 2026: Bulls were back? Now bitcoin bears are back.

As we start 2026, a fresh look at Bitcoin futures reveals that bears are regaining control after a brief resurgence of bulls. The technical structure is showing increasing bearish signs, particularly with the price nearing the upper boundary of a regression channel. This upward slope could create a deceptive sense of bullish continuation, but it's more likely to represent a bear flag. If the price fails to break above recent highs and instead reverses, the likelihood of a move lower increases, especially if it drops below the November 21 low. Additionally, the breakdown of a previously respected pitchfork structure further supports the bearish outlook. Importantly, the recent decline has occurred with strong volume, indicating genuine conviction behind the selling. In the near term, while a relief rally towards the midline of the regression channel might be possible, it wouldn't invalidate the bearish sentiment unless more significant bullish activity takes place. For bulls to regain control, they need to see two consecutive candles closing above around 96,100. Failing to sustain above these levels could lead to a deeper move towards the critical support area of 82,250.