#Bitcoin is currently trading below the EMA ribbons. These ribbons have historically acted as strong support and resistance across market cycles. During the bull market, price tends to hold above them and use the ribbons as support zone. In bear market, the same ribbons flips into resistance. In this cycle BTC broke down the EMA ribbons back in November 2025 after printing the ATH of $125,500 and later confirmed it as resistance. That shift signaled a change in trend and the start of a downtrend. Right now, price is still holding above the 2021 ATH, which is an important level to watch. However, as long as Bitcoin continues trading below the EMA ribbons, the overall trend remains bearish.