Bitcoin (BTC) is currently sitting at a crucial decisive spot as it retests the long-term bearish resistance for the first time since last April. The asset has been trading underneath the long-term trend line resistance since falling below it in Nov. 2021, and all attempts to eclipse it have been met with fierce opposition.
BTC is currently sitting in a delicate position
Bitcoin’s drop from the all-time high of November 2021 resulted in a long-term trend line resistance that has kept the asset at the mercy of the bears since then. The asset retested the trend line as it surged to $47,300 last April but quickly faced stern opposition. After the humbling account, BTC is once again retesting the trend line.
The asset is currently sitting at a delicate position above the trend line, per data from a CryptoQuant report. The analysts suggest that a break above the current position could signal an end to the current downtrend. Still, if the bears batter the asset below this point, the markets could witness an extension of the bearish momentum.
Source: https://crypto.news/bitcoin-is-at-a-decisive-point-in-retesting-the-long-term-resistance/