Bitcoin has been riding a strong uptrend supported by a long-term ascending trendline, but recent price action is showing signs of exhaustion near the $123K-$142K supply zone.
The chart suggests a potential deviation above resistance, marked by a fakeout wick and aggressive rejection (highlighted with red blast icon). If price fails to reclaim and hold above $123K, the structure risks breaking down below trendline support — opening the door to a larger correction.
🔹 Key Resistance Zone: $123,260-$142,134
🔹 Critical Trendline Support: Recently broken — watch for retest/failure
🔹 Bearish Confirmation: Clean break & lower high formation under $109K
🔹 Next Major Demand Zone: $75K-$85K region
This setup leans bearish unless bulls can reclaim the upper blue range and re-establish control. If not, we could be looking at a significant macro retest of previous breakout levels.
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