Bitcoin at a Critical Threshold

🟨Bitcoin’s third consecutive failed breakout above the long-term trendline connecting the 2017 and 2021 peaks has raised concerns of further downside. Following Friday’s drop to $114,800, analysts point to this resistance as the decisive battleground between bulls and bears. The long upper wicks on recent monthly candles reflect buyer exhaustion.

🟨Technical indicators confirm a weakening trend: the MACD histogram on the monthly chart is turning lower, suggesting a possible reversal. If downward pressure persists, Bitcoin could fall below $100,000, testing the lower boundary of the expanding triangle pattern. To invalidate the bearish scenario, bulls need to reclaim the $121,800 level.