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bitcoin:native is approaching a major confluence resistance zone on the 8H chart.
Price is testing the descending trendline, horizontal resistance, and the 200 EMA all at the same time. This area has rejected every rally attempt so far, making it a key level to watch.
Unless bulls can break and hold above this zone, the current bounce looks more like a retest within a downtrend than a true reversal.
A rejection here could send BTC back toward the $58K support area, while a breakout would be the first sign that momentum is starting to shift.
For now, bears still have the edge.
#Bitcoin