This is a technical analysis article written by CoinDesk Analyst and Certified Market Technician Omkar Godbole.
Bitcoin The year-end attempt to regain balance hit a glass ceiling on Monday, forcing prices back below $88,000.
This ceiling is defined by a descending trendline taken from the October record high above $126,000, connecting the highs of subsequent shallow recoveries, including the high of $116,400.
This trendline fended off attempts to establish a foothold above $90,000 on Monday, reinforcing the “staircase down” pattern that plagued the largest cryptocurrency throughout the fourth quarter. Failing to clear this hurdle, BTC printed another “lower high,” signaling a resurgence of sellers near the resistance line and blocking the momentum needed to challenge the six-figure mark.
Therefore, the immediate outlook remains bearish as long as prices remain below the trendline. The latest rejection shifts attention to the $84,000-$84,500 support zone, followed by the November low near $80,000.
To revive the bullish outlook, BTC must overcome trendline resistance. Such a breakout, especially against the backdrop of a falling dollar index, could accelerate gains towards the $100,000 mark.
