Bitcoin remains under pressure as it struggles to secure a daily close above the $97,700 level, a critical resistance zone highlighted in recent price action. The failure to establish support at this level has forced BTC to seek stability at the lower blue trendline, as indicated in the latest market analysis by Rekt Capital.
Despite the ongoing consolidation, Bitcoin continues to hold the descending trendline support, suggesting a possible formation of a bullish divergence. The attached technical chart illustrates repeated rejections from the upper resistance zones, marked in red, while the price finds support near the lower blue trendline. This structure signals a potential reversal if buyers step in to defend the current levels.
Downward Channel Limits Breakout Attempts
Bitcoin’s price action has remained within a downward-sloping channel, with multiple attempts to break higher being met with selling pressure. The inability to sustain a move above $97,700 reinforces the importance of this level as a pivot point for further upside momentum. Meanwhile, the support of around $94,000 remains crucial for preventing deeper declines toward lower key levels.
Technical indicators hint at early signs of bullish divergence, suggesting that momentum could shift despite the current weakness. If buyers maintain control above the blue trendline, Bitcoin could attempt another breakout toward the psychological resistance of $100,000. However, failure to hold support may lead to further downside, with the next major support level around $91,000.
As Bitcoin navigates this key technical zone, market participants are closely watching for confirmation of a trend reversal or a continuation of the current downtrend. A decisive move above resistance could signal renewed bullish momentum, while further rejections may lead to prolonged consolidation or deeper declines.
