Yesterday, the bearish attack on Bitcoin landed precisely, with the prediction of a drop below the 70,000 mark perfectly fulfilled. The price dipped to a low of 70,100 USD during the day, accurately hitting the target, drawing the market's attention to the continuation of bearish momentum. Currently, the support battle around the 70,000 integer mark has become the core focus of today's market. Whether this critical psychological barrier can hold, and whether Bitcoin will fall below 70,000 and enter the 60,000 price range, has become the market answer that all investors are closely watching.
From the current market structure, there are still no obvious signs of a reduction in bearish strength. Bitcoin has recently continued its one-sided weak trend, with daily candles consistently closing in the red and breaking below the previous key consolidation range. Trading volume has continued to expand during the decline, confirming the strong selling pressure. The previously recognized key support level of 72,000 USD has been breached, and the 70,000 USD integer mark serves as both an important psychological barrier and the last visible support on the short-term technical front. Its defensive strength has already been weakened due to the continuous loss of previous support levels, and yesterday's precise drop to 70,100 USD further revealed the pressure state of this level.
If the support at the 70,000 mark is effectively broken, it will likely lead Bitcoin into the 60,000 range. From a technical perspective, once this level is lost, the next support area directly points to 68,000-65,000 USD, which is also the next target range generally anticipated by the market; from a market sentiment perspective, the current fear in the crypto market continues to spread, with the fear and greed index still at a low level. A breach of the 70,000 mark could easily trigger a new round of panic selling, pushing prices further down. Additionally, recent factors such as a decline in global risk appetite and fluctuations in Bitcoin spot ETF fund flows have also provided support for the bears. If there is a lack of strong bullish buying support today, a price drop into the 60,000 range will become the market's natural choice.
Of course, there is still a possibility of bullish resistance near the 70,000 mark. Currently, Bitcoin's short-term indicators have entered the oversold range, indicating a demand for a technical rebound. If there are signs of stabilization with increased volume near the 70,000 mark today, such as the formation of a long lower shadow candlestick, it may trigger a short-term rebound, temporarily holding the 70,000 mark. However, it is important to note that if this rebound lacks volume and fundamental support, it is likely just a brief pause in the bearish trend and may not fundamentally reverse the current weak structure.
Overall, yesterday's precise bottoming at 70,100 USD has set a bearish tone for today's market, with the gains and losses at the 70,000 mark becoming a watershed for market direction. If it holds, a short-term consolidation and recovery is likely; if it breaks, the 60,000 range will quickly become the new battleground for the market. In the current bear-dominated market, investors need to remain cautious, closely monitor the volume changes at key price levels, and avoid blindly bottom-fishing, waiting for the market to provide clear directional signals before making operational decisions.
Follow the public account, how to relieve worries, only Jiang Wei, a treasure analysis blogger with high emotional value, sharing trading education for free, bringing stability and clear guidance in the restless trading market, traversing three rounds of bull and bear markets and years of trading experience, skilled in naked K, trends, Dow theory, Gann, harmonics, Chan theory, wave theory, and other technical analyses, gathering into unique personal insights.
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