Bitcoin May Tank to $100K as Friday’s BTC Crash Reinforced 2017–21 Trendline Resistance
Let's cut through the noise: Bitcoin's Friday collapse wasn't some random blip—it was a brutal, calculated rejection from a line in the sand that's been defining this market for seven damn years. That trendline connecting the 2017 and 2021 peaks? It's not just a squiggle on a chart; it's the Berlin Wall of crypto, and the bulls just got shot trying to scale it for the third time.This is classic maximalist territory—the kind of technical warfare that separates the believers from the tourists. Every failed breakout above that line isn't just a 'coincidence'; it's a systematic demolition of bullish momentum, a clear signal that the market's structural ceiling is hardening right here, right now.Look at the evidence: those long wicks on the monthly candles from July, August, and now October? That's not 'profit-taking'—that's exhaustion, pure and simple. It's the market screaming that it can't breathe up there.And the MACD histogram on the monthly chart? Don't let the positive number fool you. It's weakening, losing steam compared to the raw power we saw during the December-January rally when BTC first shattered the $100,000 barrier.This isn't a minor divergence; it's a fundamental shift in the engine's thrust. Zoom into the daily carnage, and the picture gets even uglier.The rejection from the expanding channel resistance was violent, decisive. Both the standard MACD and the longer-term, noise-filtering version are flashing red, screaming that the path of least resistance is down, down, down.This setup screams for a retest of sub-$100,000 levels, a necessary purge to shake out the weak hands and test the real foundation of this cycle. The 200-day simple moving average at $107,000 might offer a temporary pitstop, a brief moment of hope, but let's be real—it's likely just a delay of the inevitable.For the bulls to have any claim to victory, they need to launch a full-scale assault and conquer $121,800. Until then, this isn't a dip to buy; it's a warning shot.The trendline has spoken. The king is being challenged on its own turf, and right now, the resistance is proving why it's called 'resistance' for a reason. This is the reality of a market maturing under its own weight, and it's a stark reminder that in Bitcoin's world, history doesn't just rhyme—it often repeats with brutal, technical precision.
JA
Jamie Larson123k2 days ago
smh the algorithm is not gonna be kind to my portfolio after this read ngl
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