BTC dominance is testing its 200-day moving average again—and the pattern is becoming clearer. Over the past 6 months, every breakout attempt at this level has been rejected hard. The chart tells the story: sellers keep showing up right here.

Historically, this kind of repetitive rejection at a key resistance doesn't last forever. Markets tend to make a decision eventually—and when they do, it's usually violent. The graveyard of optimistic traders is full of those who caught falling knives after minor relief rallies at exactly these spots.

Right now, all signs point to a potential local top forming. The accumulation phase looks complete. Volume structure and price action suggest we're closer to distribution than continuation.

If you're watching BTC, keep one eye on this level. The next move could define the next phase of this cycle. Pay close attention to daily closes and how price responds when it touches resistance again—that's where the real tells are.