- Bitcoin is tightening inside an ascending triangle.
- Losing monthly open turns the setup bearish.
- The next breakout will define December’s trend.
Bitcoin (BTC)’s price action has compressed into one of the most closely watched formations in the market right now, and the next decisive move may be closer than traders think.
Despite volatile swings, Bitcoin continues to hold a series of higher lows, which is a technical sign that demand is stepping in each time bears attempt to pull the market lower.
Two breakout attempts have already failed, but the structure hasn’t broken, according to the analysis by popular cryptocurrency trading expert CryptoJelleNL shared in an X post on December 11.
As the analyst puts it, “third time’s the charm?” The ascending triangle still stands, and the support base that underpins it remains intact.
Market Split Between Optimism and Collapse Narratives
However, the expert has also given thought to an alternative view, which may gain traction across bearish circles, where a rising wedge is pushing directly into resistance, a pattern that typically precedes breakdowns.
According to CryptoJelleNL, a clean break below the monthly open would give this bearish idea “more significance,” but until that happens, the bull structure still has the upper hand.
Meanwhile, the expert took a jab at crypto Twitter possibly calling for a catastrophe in the face of his optimism, with “Nooo Jelle the market is going to zero; you can’t be bullish here!” But CryptoJelleNL argues that there’s no reason to abandon the bullish case while BTC is still sitting on major support.
If Bitcoin cleanly loses this level, bulls “are out of arguments.” But until then, the market has seen BTC claw back from worse spots countless times.
At the moment, the flagship decentralized finance (DeFi) asset is trading at $90,395.94, down 2.39% on the day, declining 3.13% across the past week, and accumulating a loss of 14% on its monthly chart, according to the latest data.
For now, all eyes are on the tightening structure and the support band beneath it. The next attempt to break free could define the rest of December’s trend.
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What do you think?
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