Bitcoin Price Tests Long-Term Resistance; Will It Breakout or Rebound?

Bitcoin’s price action is currently approaching a long-term trendline resistance near $118,000. This resistance, dating back to the peaks of 2017 and 2021, has historically served as a ceiling for major rallies. The weekly Relative Strength Index (RSI) shows a bearish divergence pattern despite Bitcoin nearing its all-time price highs. While short-term momentum may continue to rise before hitting this long-term resistance, analysts are watching closely for the next move in price.