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Bitcoin Rejected at Descending Resistance Again: Is $78,600 Still in Play?

Bitcoin's recent price surge came to a halt once again, as the cryptocurrency was rejected at the descending resistance level. The rejection has sparked questions about whether the $78,600 level is still in play.

The price of bitcoin (BTC) had been steadily increasing over the past few days, reaching as high as $74,000. However, the cryptocurrency's upward momentum was halted when it hit the descending resistance level, which has been a major obstacle for bitcoin in recent times.

The descending resistance level is a key level of resistance for bitcoin, and the cryptocurrency's failure to break above it has led some analysts to question whether the $78,600 level is still in play.

"We are still waiting for a breakout above the descending resistance level," said one analyst. "If bitcoin can't break above this level, it's hard to see how it can reach $78,600."

Despite the rejection, bitcoin's price remains strong, and many analysts believe that the cryptocurrency will eventually break above the descending resistance level and continue its upward trajectory.

"It's just a matter of time before bitcoin breaks above the descending resistance level," said another analyst. "The fundamentals are still strong, and the cryptocurrency has a lot of momentum behind it."

In the meantime, bitcoin's price is likely to continue to fluctuate, and investors will need to be patient and wait for the right opportunity to buy in.