BITCOIN Downtrend Continues – Is $70K the Next Stop?

Apr 6

BTCUSD continues to trade within a well-defined descending channel, maintaining a clear bearish market structure on the daily timeframe. After a strong rejection from the upper boundary of the channel, the price has retraced to a minor support zone around $78,000.

Given the prevailing momentum and strength of the broader downtrend, this support is likely to break under continued selling pressure. A clean breakdown below this level would reinforce the bearish bias and open the door for a move toward the daily support zone near $70,000, which aligns with the lower boundary of the channel.

This zone marks a potential area of interest where price may react or attempt a short-term bounce. However, unless there is a significant shift in momentum, the path of least resistance remains to the downside.

Traders should watch for confirmation of the bearish continuation, such as lower highs, weak bullish pullbacks, or increased volume on red candles, before considering short entries.

If you align with this outlook or have additional perspectives, feel free to share your thoughts below.

Apr 7

Trade active

Apr 8

Trade closed manually

Closed at break even