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Bitcoin price continues to fall towards the next big support area at 74k-70k.
Currently, there is no sign of BTC reversal, and it seems that this correction phase will last long.
Ideally, the faster BTC finds its local bottom, the faster it starts to rise again.
However, the current market conditions suggest that a period of consolidation might be necessary before a meaningful recovery.
I doubt that the BTC price will fall below 70k despite all the negative sentiment surrounding it at the moment.
More likely, we will see strong buying pressure at those levels, as institutional investors and long-term holders step in to accumulate at what they perceive as a discount.
Also, the stochastic RSI on a weekly scale has dropped to 0, which historically indicates that momentum is oversold and a potential reversal could be near.
If we see a bullish cross on the SRSI on a weekly timeframe, this might act as a catalyst for a price rebound, possibly pushing BTC toward new highs.
Another indication of a possible bottom is the Fear & Greed Index, which currently sits at around 20.
This level reflects extreme fear in the market, a condition that has often preceded local bottoms in previous cycles.
Historically, such extreme fear tends to trigger a shift in sentiment, leading to increased demand and a subsequent price recovery.
Furthermore, on-chain metrics suggest that long-term holders remain unfazed by the recent downturn, with exchange reserves continuing to decline. This indicates that a significant portion of BTC supply is being moved to cold storage, reducing selling pressure.
Additionally, open interest in the futures market has seen a decline, which could mean that excessive leverage is being flushed out—a necessary step for a healthier market structure.
If BTC manages to hold the 70k support level and confirms a reversal with increasing volume, we could see a strong recovery phase unfold.
However, if the price breaks below this key support, the next significant area to watch would be around 65k, where additional buying interest might emerge.
Please don’t forget to boost this idea and leave your comments below.
Bitcoin price continues to fall towards the next big support area at 74k-70k.
Currently, there is no sign of BTC reversal, and it seems that this correction phase will last long.
Ideally, the faster BTC finds its local bottom, the faster it starts to rise again.
However, the current market conditions suggest that a period of consolidation might be necessary before a meaningful recovery.
I doubt that the BTC price will fall below 70k despite all the negative sentiment surrounding it at the moment.
More likely, we will see strong buying pressure at those levels, as institutional investors and long-term holders step in to accumulate at what they perceive as a discount.
Also, the stochastic RSI on a weekly scale has dropped to 0, which historically indicates that momentum is oversold and a potential reversal could be near.
If we see a bullish cross on the SRSI on a weekly timeframe, this might act as a catalyst for a price rebound, possibly pushing BTC toward new highs.
Another indication of a possible bottom is the Fear & Greed Index, which currently sits at around 20.
This level reflects extreme fear in the market, a condition that has often preceded local bottoms in previous cycles.
Historically, such extreme fear tends to trigger a shift in sentiment, leading to increased demand and a subsequent price recovery.
Furthermore, on-chain metrics suggest that long-term holders remain unfazed by the recent downturn, with exchange reserves continuing to decline. This indicates that a significant portion of BTC supply is being moved to cold storage, reducing selling pressure.
Additionally, open interest in the futures market has seen a decline, which could mean that excessive leverage is being flushed out—a necessary step for a healthier market structure.
If BTC manages to hold the 70k support level and confirms a reversal with increasing volume, we could see a strong recovery phase unfold.
However, if the price breaks below this key support, the next significant area to watch would be around 65k, where additional buying interest might emerge.
Please don’t forget to boost this idea and leave your comments below.
Note
Bitcoin closed the CME gap from early November and is currently bouncing up from that level. However, the overall market structure remains uncertain, with selling pressure still evident.
I still think that the sell-off isn't finished yet, and we might see lower levels soon, especially if key support levels fail to hold.
A break below the current range could trigger further downside movement, potentially testing previous liquidity zones.
On the other hand, if buyers step in with strong volume, we could see a relief rally before any further decline.
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Bitcoin is struggling to break the 85k resistance and leaning more towards 77k than 90k. The current market structure suggests that BTC is more likely to test the 74k-70k support zone before any significant recovery attempt. A key date to watch is April 2, when Trump plans to implement tariffs against the global market. If history is any guide, such a move could trigger a sharp sell-off across financial markets, leading to increased volatility in crypto.
In this scenario, BTC might drop as low as 70k, testing critical support levels.
Currently, there is a clear lack of positive sentiment in the market that could drive prices higher.
In order to reverse the downtrend, BTC would need to break above 95k and sustain that level, signaling renewed bullish momentum.
However, given the prevailing conditions, this outcome appears unlikely in the near term.
Note
Bitcoin continues to make higher highs on a daily timeframe but is struggling to break the 87k resistance.Despite the overall uptrend, the lack of strong bullish catalysts keeps BTC under pressure, with price action showing a tendency to decline rather than sustain upward momentum.
For Bitcoin to confirm a reversal of the current downtrend, it must first break above the 87k resistance and establish support at that level.
If this happens, the next crucial hurdle will be the 92k resistance. A successful breakout above 92k with strong volume could signal the beginning of a sustained bullish trend.
However, macroeconomic factors could heavily impact Bitcoin’s trajectory.
I anticipate a significant sell-off on April 2 if Trump confirms his plans to implement tariffs against multiple countries.
Such a move could trigger uncertainty across financial markets, leading to increased volatility in Bitcoin and other risk assets.
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✅ FYBIT exchange. I recommend. No KYC, available in all countries. fybit.com/Account/Register/OMNP5
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
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.