Bitcoin Faces Third Rejection Above Key Trendline, Hinting at Potential Drop Below $100K

Bitcoin’s price action has once again tested the patience of bullish investors. For the third time since 2017, BTC has failed to maintain momentum above the critical trendline drawn from the 2017 and 2021 highs. This repeated rejection marks a significant resistance point, suggesting that the market may be entering a period of weakening bullish strength. The repeated failures transform what once seemed like isolated events into a recognizable pattern — a sign that the current rally could be losing steam.

Recent analysis from CoinDesk indicates that BTC’s inability to hold above this long-term trendline could pave the way for a deeper pullback, potentially pushing prices below the $100,000 mark. The long upper wicks visible on the monthly candlestick charts for July, August, and October emphasize fading bullish momentum, signaling possible exhaustion among buyers.

The MACD histogram on Bitcoin’s monthly chart adds weight to this bearish outlook. Although still positive, it has weakened compared to December and January, when BTC first crossed $100,000. This drop in MACD strength reflects slowing upward momentum and increased risk of a trend reversal.

Daily chart patterns further confirm this caution. Bitcoin’s sharp reversal from an expanding channel resistance and negative readings on both short-term (12, 26, 9) and long-term (50, 100, 9) MACD histograms indicate that downward pressure is mounting. Should selling continue, BTC could find interim support near the 200-day simple moving average at around $107,000 before potentially testing lower triangle boundaries.

To invalidate the bearish setup, bulls must reclaim and sustain levels above $121,800. As of now, Bitcoin trades near $114,800, with market indicators pointing toward increased downside risks — a reminder that in crypto, patterns rarely lie.