Bitcoin’s $90K Challenge: Trendline Signals & SOL/BTC Breakout Insights

Bitcoin bulls have finally broken through the $70,000 resistance this week, pushing the price to record highs above $76,000. As Bitcoin enters a price discovery phase, boosted by pro-crypto sentiment surrounding Donald Trump's political comeback, traders keenly observe where the next significant resistance may form. A key method for predicting this is drawing a trendline from the April 2021 high of $64,898 to the November 2021 peak of $69,000, which points toward a potential resistance level of around $90,000.

Trendlines are fundamental tools in technical analysis used to identify broader trends and highlight support or resistance areas. Bitcoin’s upward-sloping trendline connecting previous major peaks indicates that $90,000 could act as a speculative resistance level. This level may attract sell orders or profit-taking, influencing price momentum. The recent surge past $70,000 and the strong bullish signal from the MACD histogram, which has flipped positive, suggest that the broader uptrend from the October 2023 lows is resuming.

However, the bullish outlook would be invalidated if Bitcoin fell below the weekly low of $66,824. This price point serves as a critical marker for maintaining upward momentum. Meanwhile, the options market indicates potential resistance at $80,000 and $100,000, showing that traders are also prepared for price volatility at these levels.

Additionally, the pro-crypto sentiment driven by hopes for regulatory leniency under Trump's administration has spurred gains in altcoins like Solana (SOL). This week, SOL's BTC-denominated price (SOL/BTC) has climbed nearly 11%, hinting at a bullish breakout from a prolonged consolidation phase. If SOL can close the weekly candle above the upper trendline, it would confirm the breakout and open the possibility for further upward movement, potentially revisiting 2021 highs.

Despite the bullish momentum, traders should be aware that as Bitcoin approaches the $90,000 mark, market activity may slow due to profit-taking or a convergence of resistance points. This potential slowdown underscores the importance of closely watching key technical indicators and market sentiment in the coming days.