Bitcoin Holds Support but Resistance at $126K Looms Large — Analysis by Vincent Ganne

Market Context

Over recent weeks, Bitcoin price action has seen stability around major support levels even amid volatility. However, repeated failure to break long-term resistance zones may signal a stall in momentum. In the context of ongoing macro uncertainty, these technical levels are being closely watched by traders and institutions.

Technical Details with Attribution

• Ganne identifies that Bitcoin’s support between $102,000–$106,000 has held through mid-late October, helping avoid a deeper downturn. 
• At the same time, a long-term descending resistance trend-line—connecting prior cycle highs from 2013, 2017, 2021—lies near $126,000, and Bitcoin has recently failed to breach that level. 
• Ganne also analyzes the BTC/Gold ratio and global money supply (M2) growth as supporting longer-run bullish positioning, noting that liquidity conditions remain favorable. 
• He cautions that if monthly support breaks decisively below ~ $102K, that could signal a shift toward a new cyclical downtrend. 

Analyst Perspectives 

Some traders interpret this configuration as a breakout-awaiting setup — if resistance is broken, upside could continue. Others caution that unless clear follow-through is seen above $126K, Bitcoin may linger within its current range or risk a pullback. Continued liquidity tailwinds may help maintain trend, but structural signals deserve close watch.

Global Impact Note

Because Bitcoin is often viewed as a global store-of-value asset, technical patterns at these levels can influence price expectations internationally. A confirmed breakout above key resistance could reignite momentum across related markets (altcoins, on-chain derivatives, ETFs), whereas failure may increase sentiment towards reserve-asset safety over riskier positions.