Bitcoin's Road to $120K Stalls as Breakout Falters Below Key Trendline

Bitcoin (BTC) appeared ready to break out toward the highly anticipated $120,000 target after steadily rising and finally breaching a descending trendline that had limited gains since April. However, the bullish momentum was short-lived. Sellers quickly pushed BTC back below the breakout level, closing under the critical trendline and signaling a failed attempt at sustained upside.

This rejection, clearly visible on the daily chart, is more than a minor pullback. While trendline retests are common in technical setups, the failure to hold above resistance and the drop in trading volume indicate a lack of buyer conviction. The price action suggests that, although Bitcoin remains structurally bullish, the path to $120,000 will take longer than traders had hoped.

BTC still trades above the 50- and 100-day moving averages, which continue to trend upward—reinforcing a medium-term bullish outlook. However, without a decisive move backed by volume to reclaim the trendline, Bitcoin is likely to remain range-bound between $104,000 and $110,000. The Relative Strength Index (RSI) hovering near 55 supports this view, reflecting cooling momentum without signaling immediate upside potential.

In summary, while Bitcoin's technical setup still favors a longer-term rally, the failed breakout highlights the need for stronger accumulation and clear bullish catalysts to regain upward traction. For now, BTC's climb to $120K is delayed—but not denied.