Bitcoin has been flat since the end of January, but there was a bearish continuation attempt in March. This attempt failed when btcusd rebounded at the end of April. In May, price action is anchoring up in a rising channel. Bitcoin (BTCUSD) 1H Chart 5/24 (click to enlarge)Now, it looks bitcoin found resistance at the start of the week at 243, which misses the rising channel resistance. This might be a clue that bulls have lost steam in the near-term. Therefore, the channel support will be vulnerable. But that does not necessarily mean the market will turn bearish even if price breaks the channel support. We should still look for support in the 237-238 support/resistance pivot area, especially if the RSI is around 40. Now, a break below 236 might put the bullish reversal outlook on the shelve. Bitcoin (BTCUSD) 4H Chart 5/24 (click to enlarge) Looking at the 4H chart, we can see that after a rally from 214, price is now anchoring above the 228-229 area. This means, if price falls back below 228, the bullish attempt would be a failure. A failed bullish reversal would be a strong signal for a bearish outlook and revive the downside risk first towards the 214 low with the psychological level of 200 in sight as well. If price action maintains last week's bullish mode, the next resistance will first be the May high around 249 up to the 250 handle. Above 250, there is a possible resistance around the 280 area, which is where the 200-day SMA resides, but there is upside risk to the 300-315 key resistance area.