Bitcoin could fall to $100,000 as Friday's drop reinforced the resistance of the 2017-21 trend line
The recent drop in Bitcoin marks the third failure to maintain gains above a critical trend line since the highs of 2017 and 2021.
The recent drop in Bitcoin marks the third failure to maintain gains above a critical trend line since the highs of 2017 and 2021.
The monthly and daily charts indicate a bearish bias.
We have probably all heard this phrase: "Once is an accident, twice is a coincidence, three times is a pattern".
The old saying is perfectly applicable to bitcoin.
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market, where Friday's drop marked the third time that bulls failed to maintain gains above the critical trend line drawn from the highs of 2017 and 2021, increasing the possibility of a deeper drop to $100,000 or less.
This repeated inability to stay above that level highlights persistent resistance, suggesting that the trend line is now a key battleground likely defining the boundaries of bullish strength in this cycle. CoinDesk highlighted the resistance of the trend line a month ago, noting that bulls had failed on two occasions to maintain gains above it.
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