Bitcoin Price Nears Bear-Market Signal Line in Make-or-Break Test

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Bitcoin trades near $86.9K after rejecting a key trendline, with a possible 3D death cross and support tests near $83K and $80K.

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.

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.

Long-Term Trendline Continues to Hold
Since 2018, Bitcoin has repeatedly touched and rejected a specific diagonal resistance line. This trendline has been identified by Bitcoinsensus as a key marker of past cycle tops. Each time the price has reached this level, the market has corrected sharply.

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.


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