Wicks don’t lie: BTC faces brutal rejection, danger of deeper pullback

Although things are starting to look up for many assets in the cryptocurrency market, its representative, Bitcoin (BTC), is testing a key rejection level that could determine whether the market plunges lower or sparks the long-awaited altseason.

Specifically, Bitcoin had previously touched the upper boundary of its descending channel near $110,700 on September 2, a zone that has repeatedly rejected upward momentum, as popular crypto trading expert Ali Martinez pointed out in his analysis on September 3.

According to him, multiple wicks at this level suggest heavy selling pressure, raising the risk of a retreat toward the next supports around $107,200 and potentially even $103,000.

Analysts agree on Bitcoin’s ‘make it or break it’ moment

At the same time, fellow technical analyst and crypto trader Michaël van de Poppe echoed this cautious stance, noting that, unless Bitcoin can decisively reclaim resistance at $111,918, traders should prepare for one more correction. As he wrote:

“Very keen to see what BTC can do at this resistance. If we break through it, we can start shouting altseason, as then we’re likely going to see a lot of strength from the alts.”

Indeed, the charts back up this outlook. Recent daily candlesticks show rejection shadows stacking up against the channel ceiling, while liquidity levels beneath remain exposed. Van de Poppe’s chart points to the $103,000 zone as a potential “area to start looking for buys,” and, if history repeats, a “great entry.”

Meanwhile, Bitcoin’s sustained failure at resistance could leave bulls vulnerable to cascading liquidations. But if it breaks decisively through the resistance, it may invalidate the channel breakdown and potentially ignite altseason momentum, where liquidity rotates out of Bitcoin and into higher-beta altcoins.

For now, the flagship decentralized finance (DeFi) asset is trading at $111,455.41, up 1.12% in the last 24 hours, as well as gaining 0.36% across the previous seven days, as it struggles with the accumulated decline of 2.57% on its monthly chart.

All things considered, the market is currently on edge, waiting for Bitcoin to either fall into deeper support, giving dip buyers a prime opportunity, or surge through the ceiling and light up the broader crypto market. In other words, BTC is facing a moment of truth – reject and reset, or break and ignite altseason.