Wall Breaking? Bitcoin Faces Key Test Near $126K Trendline

Bitcoin is trading near $121,600 after reaching a new all-time high above $126,000 earlier this week. The asset has slowed and is now moving sideways just below a major diagonal resistance that has capped the price for several months. Analysts are watching to see whether Bitcoin can break through or if it will be rejected once again.

Meanwhile, the market is holding near a key level while open interest remains high in the futures market.