Bitcoin Slumps as Descending Resistance Structure Remains Unbroken

Bitcoin is currently testing a crucial support area after its recent failure to break above the descending resistance structure that has capped price for months.

The market is approaching a key decision point, and the elevated Exchange Whale Ratio adds a potentially bearish on-chain signal to the technical picture.

Looking at the daily chart, it's clear that Bitcoin remains within a broader corrective structure.

After recovering from its June low near $58K, BTC established a series of higher lows and climbed toward the $66K resistance zone. However, this recovery has so far failed to produce a decisive breakout, and price has recently turned lower.