- Bitcoin is nearing $98K resistance again after repeated rejections, signaling strong bullish momentum and possible breakout conditions.
- Sustained support at the Golden Line has sparked multiple rebounds, showing buyers remain active despite bearish upper pressure.
- Price compression between rising support and descending resistance hints at an imminent breakout fueled by growing volatility.
As per Doctor Profit, Bitcoin is once again testing a crucial resistance level near $98,000, marking its first serious challenge since early February. Price action over the past two months has remained bearish, consistently failing to break this ceiling. However, the current attempt signals growing momentum. A confirmed breakout above this dynamic resistance could trigger a bullish rally. The market is now watching closely as Bitcoin compresses between rising support and descending resistance.
For over two months, Bitcoin has traded under a strong descending trendline. This dynamic resistance has rejected multiple bullish attempts. Each rejection has occurred at progressively lower levels, confirming the ongoing downtrend. Sellers have dominated the upper zone, pushing price lower each time it approached the line.
However, Bitcoin’s structure has not been entirely bearish. A key support trendline, labeled the “Golden Line,” has held firmly. Price tested this level twice during the observed period. Both tests resulted in powerful rebounds, driving price back toward resistance. Hence, this support has served as a launchpad for temporary recoveries.
Repeated Failures Near Resistance
Throughout February and March, price action showed consistent failure near the descending trendline. Each swing high aligned with rejection zones. These reactions formed lower highs, reinforcing bearish pressure and trader caution. Sellers maintained firm control at each rejection point.
Despite this, bulls found footing at the Golden Line. Consequently, every bounce from this support sparked renewed momentum. These rallies, although short-lived, confirmed buyers remained active. Still, the descending resistance prevented any sustained uptrend.
Compression Signals Imminent Move
In early April, Bitcoin saw another strong reaction from support. The bounce pushed price aggressively toward the resistance. This led to the current test of the descending trendline. However, price now hovers just beneath this ceiling, indicating hesitation and indecision.
Price is now squeezed between the Golden Line and descending resistance. This compression often precedes a sharp breakout. Moreover, this structure reflects the buildup of volatility and potential momentum.
