BlockBeats news, on April 16, according to analyst Alicharts, Bitcoin is at a critical turning point. Bitcoin is testing the 100-day simple moving average (SMA) as a resistance level, marking its third such test in six months. The previous two tests both ended in failure:
In October last year, Bitcoin's breakout failed, leading to a 30% drop from $116,000 to $80,000.
In January, Bitcoin also failed to break through, leading to a 39% drop from $97,000 to $59,800.
Alicharts warns that a third rejection here would represent a significant structural failure. It could trigger a triple top effect, potentially pushing Bitcoin's price back toward its annual low of $59,800. However, if BTC ultimately breaks through this resistance and closes above the 100-day SMA, the upper barrier will be invalidated. A breakout here would open a direct path toward $80,000–$84,000, confirming that the macro adjustment may be over.