Bitcoin is set for a deeper pullback as BTC hits this final resistance
Bitcoin’s (BTC) explosive rally, which saw the asset hit a record high above $125,000, appears to be losing steam after reaching its final resistance level. As per an outlook by prominent online cryptocurrency analyst TradingShot , Bitcoin’s current state signals a potential short-term correction before the next major breakout. This projection is based on the technical formation where Bitcoin was rejected at the higher highs trendline around $126,000 that has guided price action since July 14. This same trendline has repeatedly acted as resistance, marking the peaks of previous rallies within Bitcoin’s ongoing three-month consolidation phase. Bitcoin price analysis. Source: TradingView In a TradingView post on October 7, the analyst noted that the current rejection mirrors earlier patterns seen in mid-July and mid-August, both of which triggered sharp retracements. At the same time, the four-hour Relative Strength Index (RSI) once again shows a bearis...