This is a technical analysis post by CoinDesk analyst and chartered market technician Omkar Godbole.
Bitcoin The year-end attempt to regain balance hit a glass ceiling on Monday, forcing prices back below $88,000.
That top is defined by a descending trend line drawn from October’s all-time high above $126,000, which connects the peaks of subsequent shallow recoveries, particularly the high of $116,400.
This trendline rejected attempts to establish a foothold above $90,000 on Monday, reinforcing the “staircase to the bottom” pattern that has plagued the largest cryptocurrency throughout the fourth quarter. By failing to clear this hurdle, BTC has printed another “lower high,” signaling a resurgence of sellers near the resistance line and halting the momentum needed to challenge the six-figure mark.
Consequently, the immediate outlook remains bearish as long as prices remain below the trend line. The latest rejection shifts the focus towards the support zone between $84,000 and $84,500, followed by the November low near $80,000.
To revive the bullish outlook, BTC must overcome the trendline resistance. Such a breakout, especially against the backdrop of a falling dollar index, could accelerate gains towards the $100,000 mark.
