Holding Strong at Critical Trendline

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Bitcoin holds above a 4-year trendline as selling pressure eases, whales accumulate, and analysts watch key resistance levels ahead.

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Summarize with AI

Summarize with AI

Bitcoin is holding above a trendline that has influenced its price movement for the past four years. This level, once seen as resistance, is now being tested as support following a confirmed weekly candle close above it.

Long-Term Support Holds After Weekly Close

A chart shared by Ash Crypto shows Bitcoin staying above a rising trendline that has been in place since 2021. This line previously rejected price on three different occasions over the past three years. Now, with Bitcoin trading above it, the level is acting as support.

Ash Crypto noted that “as long as BTC holds above this trendline, the long-term outlook stays bullish.” This trendline remains a reference point for both bulls and bears.

While the weekly chart signals strength, the daily shows resistance. According to Titan of Crypto, BTC is testing the Tenkan-sen level on the Ichimoku chart. The Tenkan-sen has capped price movement during the recent bounce from the $82,000 area.

Titan noted that “a clean close above it is needed to unlock higher levels.” Until that happens, the price may stay within a limited range. If Bitcoin does close above the Tenkan-sen, it could open room for a move toward the Kijun-sen and possibly the lower boundary of the Ichimoku cloud.

Selling Activity Slowing Down

A chart from Swissblock Technologies shows the “Risk Off Signal” peaking during the recent drop, then falling from above 90 to around 61. This decline signals that the heavy selling seen earlier may be easing. The chart also shows two earlier spikes in March and April, followed by a low-risk period.

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Source: That Martini Guy/X

The reappearance of low-risk indicators on the same chart suggests that the market may be forming a local bottom. That Martini Guy commented,

These changes in risk level often occur near the end of major correction phases.

Whale Accumulation and Retail Exit

Santiment data shows the number of wallets holding at least 100 BTC has gone up by 91 since November 11. At the same time, the number of small wallets is falling, suggesting that retail investors are pulling back. Meanwhile, some older wallets have also moved coins recently, with long-time holders reducing positions.

While this could support the case for a market bottom, it also shows mixed behavior among larger holders as Bitcoin moves through a volatile phase.

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Source: https://cryptopotato.com/bitcoin-btc-breakout-watch-holding-strong-at-critical-trendline/