\n\t\t\t\t\t\t\t\t\tBitcoin trades near $86.9K after rejecting a key trendline, with a possible 3D death cross and support tests near $83K and $80K.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin (BTC) is trading near $87,000 after a brief spike above $90,000. The move was short-lived, and the asset has since returned to its earlier range.<\/p>\n
Over the past week, BTC has dropped by 4%, while 24-hour trading volume stands at $50 billion. Several market indicators are pointing to a possible shift in trend direction.<\/p>\n
Bitcoins Long-Term Trendline Continues to Hold<\/h2>\n
Since 2018, Bitcoin has repeatedly touched and rejected a specific diagonal resistance line. This trendline has been identified<\/a> by Bitcoinsensus as a key marker of past cycle tops. Each time the price has reached this level, the market has corrected sharply.<\/p>\n The first rejection in 2018 was followed by an 83% drop. Similar pullbacks of 56%, 77%, and 34% followed in later years. The current move marks the fifth rejection, and Bitcoin has already declined over 34% from recent highs of above $126,000. Based on past behavior, the trendline continues to act as strong resistance.<\/p>\n Moreover, a potential death cross on the 3-day chart is now forming. The short-term moving average is nearing a cross below the longer-term average. The asset is already trading below both lines, which could lead to further downside if the cross confirms.<\/p>\n Trader Butcher commented<\/a>,<\/p>\n \u201cIf $BTC doesn\u2019t pump hard from here, the 3D death cross will send this shit right to 50K with speed.\u201d<\/p>\n<\/blockquote>\n This type of cross is often followed by stronger selling if no reversal occurs in time.<\/p>\n Analyst Micha\u00ebl van de Poppe shared<\/a> that Bitcoin is holding near $87,000, with three key levels to watch: $87,700, $83,800, and $80,500. These are marked as possible bounce zones. A move above $88,000 could improve the outlook. He noted,<\/p>\n \u201cBreak $88K and we\u2019re back in the good music land.\u201d<\/p>\n<\/blockquote>\n Van de Poppe also mentioned the upcoming Bank of Japan decision<\/a>. Market participants expect some reaction, but he added, \u201cWhen everybody expects one thing, usually the opposite is the actual outcome<\/em>,\u201d suggesting the move may be less predictable than expected.<\/p>\n As CryptoPotato reported<\/a>, Bitcoin\u2019s RSI is approaching levels that in past cycles have led to strong rebounds. The last five times it dropped below 30, BTC eventually moved higher. However, structure-based tools are pointing<\/a> to weakness, including the Bull-Bear Index and related market trend signals.<\/p>\n Daan Crypto noted<\/a> that Bitcoin is trading near the same levels it held six months ago. He added, \u201cLiquidity taken on the way up and on the way down,<\/em>\u201d and pointed to $95,000 as the nearest large liquidity area.<\/p>\n SECRET PARTNERSHIP BONUS for CryptoPotato readers: Use this link<\/a> to register and unlock $1,500 in exclusive BingX Exchange rewards (limited time offer).<\/b><\/p>\n<\/div><\/div>\n<\/a>
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