Bitcoin is trading near $121,600 after reaching a new all-time high above $126,000 earlier this week. The asset has slowed and is now moving sideways just below a major diagonal resistance that has capped the price for several months. Analysts are watching to see whether Bitcoin can break through or if it will be rejected once again.
Meanwhile, the market is holding near a key level while open interest remains high in the futures market.
Bitcoin Struggles Near Long-Term Resistance
Bitcoin is facing resistance at a trendline that has held firm since earlier cycle tops. The latest weekly candle shows another rejection near $126,000, followed by a pullback of around 5.5%. Earlier this year, similar rejections led to drops of nearly 10% and close to 30%.
The difference this time is the size of the pullbacks. Each rejection has been smaller than the last. Rekt Capital pointed out that “this trendline looks to be a weakening point of rejection,” suggesting sellers may be losing strength
We współpracy z: https://cryptopotato.com/wall-breaking-bitcoin-faces-key-test-near-126k-trendline/
