Bitcoin (BTC) slid below $69,000 after failing to hold above the $70,000 level, breaking a bullish trend line on the hourly chart and raising the prospect of further losses toward $66,500 as bearish momentum builds across key technical indicators.
What Happened: BTC Drops Below Key Support
The decline began after BTC reached a high of $70,935 but could not sustain the rally, falling through the $69,200 support zone and breaching the 38.2% Fibonacci retracement level of the upward move from the $65,072 swing low. A bullish trend line with support at $69,500 on the hourly BTC/USD chart also broke down.
BTC is now trading near $68,400, hovering around the 100 hourly simple moving average. Immediate resistance stands at $68,800, with $69,500 and $70,000 serving as the next major barriers.
If the price clears $69,500, it could target $70,500 and potentially $72,000 to $72,500. A failure to reclaim that level, however, could push BTC toward the 50% Fibonacci retracement near $68,000.
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Why It Matters: Bearish Signals Intensify
The hourly MACD is gaining pace in the bearish zone, while the RSI has dropped below 50 — both signals pointing to weakening upside momentum. Support at $68,000 is now critical.
Below that, the next levels to watch are $67,350 and $66,500. If BTC loses $66,500, a near-term recovery becomes significantly harder.
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