Bitcoin (BTC) has fallen below $69,000 after failing to hold above the $70,000 threshold, breaking a bullish trend line on the hourly chart and increasing the likelihood of further losses towards $66,500 as bearish momentum intensifies on key technical indicators.
What happened: BTC falls below a key support
The decline began after BTC reached a peak of $70,935, failing to extend the rally. The price then fell below the support zone of $69,200 and broke below the 38.2% Fibonacci retracement level of the bullish movement since the low of 65,072. A bullish trend line with support at $69,500 on the BTC/USD hourly chart was also broken.
BTC is now trading around $68,400, close to the 100-hour simple moving average. Immediate resistance is at $68,800, with $69,500 and $70,000 as the next major hurdles.
If the price breaks through $69,500, it could target $70,500, then potentially $72,000 to $72,500. If it fails to reclaim this level, BTC could be brought back towards the 50% Fibonacci retracement near $68,000.
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Why it matters: bearish signals are intensifying
The hourly MACD is gaining speed in bearish territory, while the RSI has fallen below 50 — two signals indicating weakening bullish momentum. Support at $68,000 is now critical.
Below, the next levels to watch are $67,350 and $66,500. If BTC loses $66,500, a short-term bounce becomes significantly more difficult.
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