In my previous BTC analysis, I mentioned that the $73.8k support zone was the line in the sand for bulls. While buyers initially defended the level, Bitcoin ultimately failed to hold support and has now broken below it, confirming the bearish continuation scenario.
The rejection from the descending trendline, combined with the loss of support, has shifted short-term momentum firmly in favor of the bears.
What's particularly noteworthy is that RSI has now dropped into oversold territory on the 4H timeframe, suggesting that while downside pressure remains strong, a relief bounce could occur at any time.
What Happened?
• BTC failed to reclaim the descending trendline
• $73.8k support was lost
• Breakdown confirmed bearish continuation
• RSI entered oversold territory
• Bears remain in control below the former support
Key Levels
Resistance:
$73,800
Major Resistance:
$75,500
Support:
$70,800
Major Support:
$68,200
Market Outlook
The structure remains bearish unless BTC can reclaim $73.8k and turn it back into support.
For now, the focus shifts toward the $70.8k support zone. If that level fails to hold, the next major area of interest sits around $68.2k.
The chart continues to respect the bearish structure we've been tracking for the past several sessions, and price is moving almost exactly along the path outlined in previous analyses.
NFA | DYOR
The rejection from the descending trendline, combined with the loss of support, has shifted short-term momentum firmly in favor of the bears.
What's particularly noteworthy is that RSI has now dropped into oversold territory on the 4H timeframe, suggesting that while downside pressure remains strong, a relief bounce could occur at any time.
What Happened?
• BTC failed to reclaim the descending trendline
• $73.8k support was lost
• Breakdown confirmed bearish continuation
• RSI entered oversold territory
• Bears remain in control below the former support
Key Levels
Resistance:
$73,800
Major Resistance:
$75,500
Support:
$70,800
Major Support:
$68,200
Market Outlook
The structure remains bearish unless BTC can reclaim $73.8k and turn it back into support.
For now, the focus shifts toward the $70.8k support zone. If that level fails to hold, the next major area of interest sits around $68.2k.
The chart continues to respect the bearish structure we've been tracking for the past several sessions, and price is moving almost exactly along the path outlined in previous analyses.
NFA | DYOR
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.