Bitcoin’s (BTC) price action hasn’t been bullish despite the $69,000 all-time high on Nov. 10. Some believe that the dominant trend is the descending channel, which was formed 40 days back. The current resistance at $56,000 comes from this channel.

Such beariShness follows scrutiny from United States regulators, after a Nov. 1 report from the President’s Working Group on Financial Markets suggested that sAmerican tablecoin issuers should be subject to “appropriate federal oversight,” similar to banks and savings associations.