Bitcoin (BTC) is currently testing a significant resistance level at $123.8K, with immediate support found around $111.6K. While the momentum remains slightly positive at +0.12, the underlying trend structure has shifted into bearish territory at -0.47. This divergence indicates that despite the price holding up near resistance, the strength of the upward trend is weakening .
This scenario suggests a tug-of-war between buyers defending current levels and early sellers positioning ahead of resistance. If momentum turns negative while the structural trend remains bearish, a deeper pullback toward support becomes likely. Conversely, if buyers can flip the structure back to bullish while maintaining momentum, a breakout above $123.8K could occur. The market is currently in a decision phase, and observing how this divergence resolves will provide the next significant clue for Bitcoin's price direction.
For traders, it's crucial to monitor these levels closely. A sustained move above $123.8K could signal a continuation of the bullish trend, while a failure to break this resistance, coupled with weakening momentum, may lead to a retest of support levels.
In summary, Bitcoin's current technical setup presents both opportunities and risks. The resolution of this divergence will likely dictate the next major move in the market.
