Bitcoin's price has encountered a significant technical hurdle, challenging recent bullish forecasts. After a rally from near $60,000 in early February to over $71,000, BTC has been rejected at a major descending trendline that has defined the market since its peak above $126,000 in October 2025. This trendline, connecting a series of progressively lower highs over roughly six months, represents sustained selling pressure and a broader bear phase.
The rejection occurred overnight, with prices turning lower after testing the trendline resistance. This technical setback comes just hours after analysts, citing factors like bullish ETF inflows and macro conditions, projected a potential rally toward $88,000. The price action now tells a more cautious story, with the trendline rejection indicating that sellers have overpowered buyers at a critical juncture.
Concurrently, Bitcoin has started a fresh decline from the $73,800 zone. BTC failed to stay above the $72,500 resistance level and dipped below $71,500 and $71,200, forming a low at $70,517. The price is now consolidating below $72,000 and the 100-hour simple moving average. A connecting bearish trend line is forming with resistance near $71,450 on the hourly chart. Key immediate support lies at $70,500, followed by $70,000. If Bitcoin fails to reclaim the $72,000 resistance zone, another decline could begin, with potential targets near $69,200 and $68,800.
Technical indicators align with the bearish near-term pressure. The hourly MACD is gaining pace in the bearish zone, and the hourly RSI for BTC/USD is below the 50 level. For the bullish scenario to regain credibility, BTC needs to close above the six-month descending trendline on meaningful volume, which would start to align the chart with the fundamental bullish narrative.
