Bitcoin Faces Resistance at $126K Trendline, Bulls Need Breakout:

Bitcoin's strong end-year recovery faced a price ceiling on Monday, with BTC pulling back below $88,000. The strong resistance is provided by a declining trendline from October's all-time high above $126,000, connecting peaks since then, including the recent high at $116,400.

This trend line has been suppressing efforts to reclaim $90,000, which solidifies the "staircase-down" trend that has been in play throughout Q4. The fact that prices are not able to breach this level has formed yet another lower high, indicating fresh selling pressure and arresting price advances towards the $100,000 level.

So long as it is below the trendline, the short-term outlook is negative, and it is supported at levels of $84,000-$84,500, and then at the November low of $80,000. Crossing over the trendline, especially with the dollar index weakening, may help
the bullish thesis and lead the way to $100,000.

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