- Bitcoin struggles to break $89K resistance as RSI fails to gain momentum, reinforcing bearish pressure.
- Repeated rejections near key levels signal strong seller dominance, limiting Bitcoin’s breakout potential.
- A breakdown below $75K support would be set to initiate further declines, keeping Bitcoin in a bearish market structure.
The Bitcoin price action continues to grapple with a declining resistance trendline, cementing bearish market conditions. The failure to break through important levels shows ongoing selling pressure, limiting any potential bullish momentum.
Technical Barriers Maintain Selling Pressure
Bitcoin has faced multiple rejections at a downward-sloping trendline, preventing significant price increases. The market structure suggests continued bearish sentiment, with key resistance levels holding firm.
According to market analyst Rekt Capital, Bitcoin’s price recently attempted to breach the descending resistance but faced rejection at nearly $89,000. He highlighted that the rejection points, marked on the chart, indicate that sellers remain dominant, restricting price advancements.
Source: Rekt Capital
His analysis also showed the Relative Strength Index (RSI), predicting the price action of Bitcoin. Rekt further mentioned that the RSI attempted to break out but failed recently, reaffirming the dominant downtrend.
The RSI currently hovers above its oversold support range of 23.93 to 28.04. If the RSI moves lower, Bitcoin could experience additional downside pressure. The market’s inability to sustain breakouts suggests a lack of strong buying momentum. Until Bitcoin decisively moves above the descending resistance trendline, the bearish outlook remains intact.
CME Gap and Range-Bound Trading
Bitcoin is also showing a defined range-bound trading pattern, with key resistance near $85,555 and support at approximately $78,000. This structure has kept Bitcoin fluctuating between these levels without a breakout in either direction.
In his second analysis, Rekt Capital noted a new CME gap around $85,000, stating that most CME gaps historically tend to fill over time. He suggested that Bitcoin may move toward this level before determining its next direction. However, he opined that Bitcoin’s recent bounce from $85,555 is affirming market resistance and putting the lid on the upside.
The lower range at $75,000 remains a critical point at which buyers have stepped in earlier. Below it, a probable drop towards $71,535 would be a major bearish level. He noted that since RSI has not been capable of sustaining breakouts, market conditions reflect sustained consolidation in the current range.
Bitcoin is in a structured downtrend, with resistance still firmly intact across the range.
According to Rekt, until a confirmed breakout, price action remains capped within the descending trendline. This setup continues to reflect a range-bound and bearish market environment for Bitcoin.
