Bitcoin has been riding a strong uptrend supported by a long-term ascending trendline, but recent price action is showing signs of exhaustion near the $123K–$142K supply zone.
The chart suggests a potential deviation above resistance, marked by a fakeout wick and aggressive rejection (highlighted with red blast icon). If price fails to reclaim and hold above $123K, the structure risks breaking down below trendline support — opening the door to a larger correction.
🔹 Key Resistance Zone: $123,260–$142,134
🔹 Critical Trendline Support: Recently broken — watch for retest/failure
🔹 Bearish Confirmation: Clean break & lower high formation under $109K
🔹 Next Major Demand Zone: $75K–$85K region
This setup leans bearish unless bulls can reclaim the upper blue range and re-establish control. If not, we could be looking at a significant macro retest of previous breakout levels.
#Bitcoin #BTC #BTCUSDT #CryptoChart #TrendReversal #BearishScenario
The chart suggests a potential deviation above resistance, marked by a fakeout wick and aggressive rejection (highlighted with red blast icon). If price fails to reclaim and hold above $123K, the structure risks breaking down below trendline support — opening the door to a larger correction.
🔹 Key Resistance Zone: $123,260–$142,134
🔹 Critical Trendline Support: Recently broken — watch for retest/failure
🔹 Bearish Confirmation: Clean break & lower high formation under $109K
🔹 Next Major Demand Zone: $75K–$85K region
This setup leans bearish unless bulls can reclaim the upper blue range and re-establish control. If not, we could be looking at a significant macro retest of previous breakout levels.
#Bitcoin #BTC #BTCUSDT #CryptoChart #TrendReversal #BearishScenario
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.