Bitcoin, currently trading around 114,579 dollars, continues to face strong resistance that prevents it from moving decisively above a critical trendline. This barrier, drawn from the 2017 and 2021 highs, has repeatedly capped upward momentum, raising concerns about the possibility of a deeper pullback. Despite multiple breakout attempts, market conditions suggest ongoing weakness, and analysts are questioning the strength of the current bull cycle.
Three failed attempts to breach this resistance highlight the exhaustion among buyers. On monthly candlestick charts, long upper wicks reveal persistent fatigue from bulls, who have struggled to sustain price action above this key level. This recurring pattern underscores growing caution among traders and investors.
From a technical standpoint, the monthly MACD histogram, a key indicator of trend strength, shows waning upward momentum. While still in positive territory, it has weakened notably compared to the rally that pushed bitcoin above 100,000 dollars. Both short and long-term MACD readings suggest a potential downward trajectory, supported by the strong resistance levels seen on charts. The 200-day simple moving average, around 107,000 dollars, now acts as a major support zone.
The path of least resistance appears to be downward, one analyst noted, painting a cautious outlook for the asset. To invalidate the pattern of lower highs and regain bullish traction, bitcoin would need to break above 121,800 dollars, a critical threshold that could shift market sentiment.
At the moment, bitcoin remains relatively stable near 114,800 dollars, but the lack of strong bullish momentum underscores the need for a decisive breakout. As traders monitor these levels, maintaining technical discipline and awareness of key indicators will be essential. Whether bitcoin can overcome this long-standing resistance will determine if the market resumes its upward trend or enters a more prolonged consolidation phase.