SPCX Rejected Hard: Bears Take ControlSPCXUSDTPERP PERPETUAL MIX CONTRACTBITGET:SPCXUSDT.Pledora037The recent selloff in SPCXUSDT.P wasn't random. It came after price rallied directly into a long-term descending trendline that has capped every major bounce since mid-June. Sellers defended that resistance aggressively, triggering a fast rejection and wiping out the breakout attempt. From a technical perspective, the trend remains neutral to bearish until buyers reclaim the trendline around 167-169. The long upper wick and bearish engulfing move show that supply is still sitting above the market. Technical Outlook >Price rejected the multi week descending resistance. >The failed breakout turned into a liquidity sweep before heavy selling. >Immediate support sits around 155.2, with stronger demand near 152.3. >A close below 152 could expose 147 as the next downside target. >Bulls need to reclaim 164.8, then break 168.5 to invalidate the bearish structure. My trade idea is to stay patient. A move back toward 167-169 without strong volume could offer another short opportunity, while any clean reclaim above the trendline would shift momentum back toward buyers. Fundamentals Behind the Drop Fundamentally, the recent weakness is largely driven by profit-taking after the explosive post-listing rally. Investors are also watching upcoming insider lockup expirations, which could increase available supply and pressure sentiment. At the same time, broader risk-off conditions across technology and crypto markets have reduced appetite for high-beta assets. There is still a longer term positive catalyst ahead. SpaceX is scheduled to join the Nasdaq 100, which is expected to attract significant passive fund inflows. However, in the short term, traders appear more focused on resistance levels and near-term supply than future index demand. always DYOR first, non financial advice Trade Plan Bias: Bearish below 167 Resistance: 164.8 → 168.5 Support: 155.2 → 152.3 → 147 Invalidation: Strong 4H close above the descending trendline currently im watching SPCX on Bitget stocks 2.0 and stocks+ Disclaimer: This analysis reflects my personal market view based on technical structure and current fundamentals. Always manage risk and wait for confirmation before entering any position.