Bitcoin Price Cracks Lower, Opening The Door To More Pain
Summary
Bitcoin fell below $72,500 after losing the $74,000 support area and breaking a bullish trend line near $73,250. It dropped under $72,000, hit a low around $70,581, and is now consolidating below the 100-hour moving average with bearish momentum. If BTC holds above $70,000, it could attempt a rebound toward $71,950 and then $72,350. A close above $72,350 would open the way to $73,500 and possibly $74,000-$75,000. If it fails to reclaim $72,500, downside risk remains, with key support at $70,500, then $70,000. Further losses could lead to $68,800 and $68,500. The hourly MACD is bearish and the RSI is below 50.
