Analysis: Bitcoin is constrained by the resistance of the descending trendline, with short-term support in the range of $84,000 to $84,500

According to CoinDesk analyst Omkar Godbole, the price of Bitcoin is hindered by the descending trend line since its historical high of $126,000, failing to break through the $90,000 mark, continuing the downward pattern of the fourth quarter.

Currently, Bitcoin's short-term support level is in the range of $84,000 to $84,500. If it breaks below this, it may test the November low of $80,000. The analysis points out that only by breaking through this trend line resistance can Bitcoin hope to return to an upward trend, with a target possibly pointing to $100,000.