On the monthly chart, Bitcoin still looks structurally bullish Bitcoin / U.S. dollarBITSTAMP:BTCUSDMichael_HardingThe big picture is this: price made a strong impulsive move up, then pulled back into a major breakout area. That rising trendline you marked as “ascending resistance” is really more like a broken resistance line now being tested as support. That is usually a bullish sign when it holds. The key zone on this chart is around 61,260. That level lines up with the horizontal support and the rising trendline, so it is a real decision point. As long as Bitcoin keeps defending that area on monthly closes, this looks more like a healthy correction than a trend reversal. In simple terms, bulls are trying to turn old resistance into new support. Right now, 72,546 is the first level that needs to be reclaimed with strength. If price can push back above that area and start closing monthly candles higher, it would suggest the pullback is losing steam and the market may be getting ready for continuation to the upside. That would open the door for a move back toward the higher monthly range and eventually the prior peak zone. The bearish case is pretty clear too: if Bitcoin loses 61,260 on a monthly closing basis, this setup weakens fast. Then the market likely needs a deeper correction before the next real leg higher. So the clean read is: Bitcoin is still bullish on the monthly timeframe, but it is sitting right on a make-or-break support zone. Hold 61,260, and this can turn into a strong continuation setup. Lose it, and the correction probably gets deeper. Trade Safe - Trade Well