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Bitcoin Hits Multi-Year Trendline Resistance—Will It Break or Rebound?
Bitcoin trades near $118K, touching a multi-year ascending trendline that capped major rallies in both the 2017 and 2021 cycles.
Weekly RSI forms lower highs since 2021, signaling long-term bearish divergence despite Bitcoin nearing its all-time price highs.
RSI projection indicates short-term momentum may rise further before meeting multi-year resistance, which could influence Bitcoin’s next price move.
Bitcoin is testing a long-term trendline resistance, while BlackRock has increased its BTC and ETH holdings during a market pullback.
Bitcoin Approaches Multi-Year Resistance Zone
Bitcoin’s price action is now pressing against a historic ascending trendline resistance dating back to late 2017 and early 2021 peaks. This trendline has acted as a ceiling during previous cycles, with each rejection followed by notable price corrections.
According to market analyst Titan of Crypto, the current price zone of $117,000–$118,000 mirrors levels seen before past cycle tops. The weekly RSI shows a long-term bearish divergence since 2021, with lower highs forming despite price reaching record levels.
A dotted projection on the RSI suggests short-term momentum could extend higher before testing its own multi-year resistance. This creates a scenario where a breakout could lead to a rapid price expansion, while a rejection may trigger a downward move.
RSI Divergence Adds Technical Caution
The weekly RSI remains an important technical indicator in this setup. Although the price is near all-time highs, momentum has not matched previous cycle peaks. The lower highs in the RSI reflect this divergence, a pattern often associated with reduced strength in uptrends.
Market observers note that a decisive break above the RSI’s black resistance line could shift momentum strongly upward. Until then, traders remain attentive to whether Bitcoin sustains or fails at this point.
This resistance test comes amid a modest weekly gain of 2.02% for BTC, despite a 2.14% decline in the last 24 hours. Current market data shows Bitcoin trading at $118,977 with a 24-hour volume of $66.89 billion.
BlackRock Accumulates BTC and ETH During Pullback
During a sharp drop following hotter-than-expected PPI data, BlackRock purchased $523 million in Bitcoin and $519 million in Ethereum. This buying occurred while prices briefly weakened, according to BitBull.
The purchases indicate continued institutional accumulation during weak periods in the market. Analysts observed that broad-based buying from these types of organizations can create short-term imbalances of supply and demand in the market
These purchases show me that institutional investors remain committed to both BTC and ETH, even when prices are close to historic highs or lows. The timing makes a lot of sense, given Bitcoin is testing its long-term resistance level, which adds nuance to the current market.
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