$BTC After failing to hold the $110,000 mark, Bitcoin is now trading around $104,990, below its 21-day moving average but still holding above its 50-day moving average. The price structure is forming a descending triangle pattern – which usually signals a bearish trend. According to technical analysis, Bitcoin has been rejected multiple times at the downtrend line that started from the historical peak of $111,814 on May 22, while the support at $102,000 still holds. This creates a narrowing price range, signaling that a breakout – up or down – may be imminent. If the $102,000 level is broken, the descending triangle pattern will be confirmed, opening up a deeper bearish scenario. Conversely, if the downtrend line is broken, Bitcoin could reverse the trend and head towards the $120.000 peak.