BTC has turned lower from a bear-market trendline drawn off the October highs above $126,000.
The so-called rejection comes as analysts point to ETF flows, macro tailwinds, and Coinbase premium as catalysts for a rally toward $88,000.
Until price reclaims the trendline, that bull case looks delayed.
Bitcoin’s BTC$70,829.77 price has run directly into one of the most pivotal technical levels – a descending trendline that has been in place since October, when Bitcoin peaked above $126,000. And right on cue, the price has turned lower from the trendline resistance.
BTC’s daily chart. (TradingView)
What is a descending trendline and why does it matter
A descending trendline is drawn by connecting a series of progressively lower price peaks over time. Think of a ball dropped from a great height: as it bounces, each rebound is lower than the last. Now imagine linking those lower highs with a straight line – that’s the descending trendline, capturing the fading strength behind each bounce.
In markets, this reflects diminishing buying power, with sellers increasingly asserting control over price action. The longer the trendline holds, and the more often price turns lower from it, the more significant it becomes, signaling a sustained bear phase.
In bitcoin’s case, this particular trendline has been sloping downward since the $126,000 peak in October 2025. That’s roughly six months of lower highs and six months of the market telling you: the trend is down.
This is what traders call a textbook bear market trendline.
The rejection
Since early February, bitcoin has rallied from nearly $60,000 to over $71,000. The sounds bullish on the surface, and in isolation, it is. But zoom out, and you will see immediately that this is a recovery rally within the broader downtrend represented by the descending trendline.
That trendline was tested overnight, and since then, prices have turned lower. This is what aficionados of technical analysis call a trendline rejection, and it means that sellers have overpowered buyers exactly where the bear-market trendline predicted they would.
The market probed resistance, found it, and turned back. Until BTC can close above this trendline on meaningful volume — not just poke through it intraday — this line remains in control, and the broader downtrend remains intact.
Fundamentals tell you what should happen, and analysts on Sunday cited several fundamental datasets, such as Coinbase premium ETF inflows and macro, as catalysts for a rally to $88,000.
However, the price chart tells you what is happening, and right now, the textbook rejection at the six-month bear market trendline is signalling caution for the bulls.
What to Watch From Here
The trendline is the key variable, based on which two scenarios could unfold.
First, the latest rejection at the trendline invites stronger selling pressure, leading ot a deeper decline to $65,000.
The second scenario involves BTC grinding back up, punching through the trendline. That would be a significant positive development, one that would start to align the chart with the bullish fundamental story.
Until the second scenario plays out, the chart and the bull case are telling two different stories.
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