Bitcoin stalled below $79,000 after another failed breakout attempt, highlighting persistent resistance near key technical levels. Analyst Aldi said in a post on X that the asset once again peaked near the bear market’s resistance band, a range that has capped the recent rally many times.
This is the second decline in the same area and indicates continued selling as traders reassess their buying momentum. Aldi said Bitcoin often exits at this point during the latter stages of bear markets, but this trend is unlikely at this point.
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However, a breakout from this area may give hope for a near-term rally, while a breakout from this area will draw attention elsewhere.
Repeated rejections indicate market weakness
In his chart, Aldi identified the overall downtrend as Bitcoin is still below the bear market resistance band, which is a key barrier.
The data provided shows a series of declines in high levels leading to a decline in prices, followed by a partial recovery. Aldi says this is due to a period of price compression and reflects indecision in the market.
Nevertheless, a rejection in the current period means that buyer confirmation is lacking, even though the support areas below are essential for traders’ consideration.
On-chain data and indicators provide mixed signals
In addition to technical resistance, on-chain data also shows weakening demand trends. According to CryptoQuant analyst_OnChain, “Bitcoin price fell below the SMA50 ($102,000) on a weekly basis and ended at $94,000 (November 16th).”
He added: “The SMA50 had already flattened out and lost its positive slope. All of these were strong signs of weakness in price action.”
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On-chain data shows momentum weakening ahead of the recent pullback, with apparent demand growth turning negative ahead of a broader decline, indicating slowing market participants. However, not all indicators are pointing downwards.
Bitcoin is trading around $76,000, just below its recent high, according to data from CoinMarketCap. At the same time, analysts have noted a bullish crossover in the MACD on the weekly chart, suggesting that the underlying momentum may still be stable despite short-term pressures.
“We don’t just have a 1W MACD bullish cross and trend break,” Sycoderic said. “We’re at a very important level here and the weekly close is going to be very important,” he added. As a result, traders are now weighing conflicting signals as Bitcoin approaches a decisive moment.
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