Bitcoin (BTC) is trading near $70,000 following a significant correction, with technical analysis indicating sustained selling pressure. Key resistance at $71,000 is blocking recovery, raising the risk of a further decline toward $68,000 support. Market momentum remains weak, and declining volume and open interest signal a continued bearish trend.
Bitcoin price struggles around $70,000 after absorbing its biggest losses since the 2022 bear cycle. The short-term outlook remains downward as prices have not rebounded past crucial levels.
BTC is trading within a descending channel on the daily chart, a sign of ongoing selling pressure. The 100-day moving average at $79,000 and the 200-day moving average at $92,000 are acting as resistance.
The $75,000 to $80,000 range, previously a support area in late 2025, now serves as resistance. Every attempt to recover has been unsuccessful in this zone.
Momentum indicators show limited recovery. The Relative Strength Index has risen from below 20 in February to the mid-50s, but this is not enough to indicate a bullish reversal.
Support is established between $60,000 and $62,000. If this level breaks, the next support stands near $50,000.
Analyst CoinCodeCap Trading highlighted that BTC’s current movement is near the lower boundary of a broader ascending channel. The area between $71,000 and $72,000 is strong resistance and has recently rejected the price.
BTC is trying to hold support between $67,000 and $68,000. If this holds, a move toward resistance can be expected, with a breakout above $72,000 potentially leading to $75,000 and $76,000.
However, risks remain as a breakdown below the ascending trend line could lead to a decline. Another analyst, Cryptorphic, stated that Bitcoin is struggling to trade past a key resistance trendline and is facing difficulty at the $71,000 level. He mentioned that if rejections continue, BTC may dip further to $68,000.
Market data from CoinGlass shows a 13.33% decrease in volume to $65.47 billion. Open interest has reduced by 1.90%, now at $49.32 billion, with the OI-weighted funding rate at 0.0043%, reflecting a neutral position.
