Technical Analysis by CoinDesk Analyst Omkar Godbole

The consensus in the bitcoin market remains bullish, with the price maintaining above $100,000 for nearly two months. Analysts project resistance levels between $140,000 and over $200,000.

To identify these levels, one can use trendlines, which connect major highs and lows in price charts, providing visual cues about momentum and direction. This helps traders to pinpoint support and resistance levels.

By connecting the 2017 bull market high of around $20,000 and the 2021 high of nearly $70,000, we can highlight possible selling pressure levels. Currently, trendline data indicates resistance at approximately $115,300, according to TradingView.

Log-scaled Resistance at $220K

The earlier chart is a linear-scaled monthly chart, reflecting absolute price changes, suitable for short-term trend analysis. However, long-scaled charts compress significant percentage moves, leading to more accurate trendlines and resistance levels.

Connecting the 2017 and 2021 highs on the log-scaled monthly chart shows a resistance level of approximately $223,000, which may align better with the exponential growth patterns observed in bitcoin’s past bull markets.