Bitcoin has broken below its 100-day moving average near $73,000, entering a critical technical phase. The cryptocurrency is testing key support levels while facing overhead resistance, with its next directional move likely determining whether it finds a base for recovery or extends its decline toward the $70,000 demand zone.
Bitcoin is trading under bearish pressure after consolidating around its 100-day moving average. The asset has now slightly broken below this key level near $73,000, according to technical analysis.
On the daily timeframe, Bitcoin continues to trade within a large ascending channel that has contained price action since February. The 200-day moving average, positioned near $80,000, has acted as dynamic resistance throughout the recent decline.
A daily close below the 100-day MA could expose the lower channel boundary and a major demand zone around $70,000 to $71,000. This region aligns with a previously established order block, increasing its technical significance.
On the upside, any recovery attempt is likely to face resistance around $75,000 to $76,000 where a supply zone triggered a strong rejection. The 4-hour chart highlights a loss of bullish momentum with a sequence of lower highs and lower lows.
Price is currently consolidating within a narrow range between roughly $72,800 and $74,500. This range is developing directly above the rising lower trendline of the broader channel, creating a crucial decision point.
On-chain data reveals an important development among short-term holders. Bitcoin is currently trading below the realized price of the 1M-3M cohort, which has risen steadily to approximately $73,000-$74,000.
Historically, this cohort has often served as a key gauge of sentiment. Meanwhile, the realized price of the 18M-2Y cohort continues to climb and currently sits near $70,000.
This level closely aligns with the major daily support zone and reinforces its importance as a potential accumulation area. The older 3M-6M cohort remains significantly higher near $83,000 to $84,000, representing a major overhead resistance area.
