[Analysis] "Bitcoin, likelihood of retreat below $100,000 ↑…failed to break trendline"

Bitcoin (BTC) plunged last week and, after failing for the third time to break the key trendline extending from the 2017 and 2021 highs, analysts say it could fall below $100,000.

On the 13th (Korea time), CoinDesk reported that analyst Omkar Godbole said, "Bitcoin has failed three times to break above the upper side of the long-term trendline connecting the 2017 and 2021 highs, reaffirming an intermediate-term bearish trend," and explained, "This trendline is acting as a key resistance in the current bullish cycle, and technically, 'three failures form a pattern.'"

The analyst explained, "(As can be seen in the monthly chart above) the long upper wicks on the tops of the July, August and October candles indicate that buying pressure in those periods has been exhausted."

He added, "The Moving Average Convergence Divergence (MACD) histogram also remains in positive territory, but at a lower level than during the December–January rally, indicating a weakening of upward momentum."

Meanwhile, analyst Godbole pointed to $121,800 as an important price level for Bitcoin. He emphasized, "To turn bullish, Bitcoin must clearly break above $121,800."

As of 2 p.m. that day, Bitcoin was trading at $114,750 on CoinMarketCap, up 2.82% from the previous day.