Bitcoin took a sharp hit during Wednesday's session, dropping below $67,000 after losing the $70,000 handle earlier. The selloff pushed the digital asset as low as $66,111, marking a fresh monthly low as selling pressure mounted across spot and derivatives markets.
The breakdown below $70,000
BTC had been hovering near $70,000 for much of the week, but a burst of selling overnight pushed prices through that level. Once $70,000 gave way, losses accelerated. The drop below $67,200 opened the door to the day's low of $66,111 before a shallow bounce. The move comes without a clear catalyst — no single exchange outage or regulatory headline — leaving traders to focus on the technical damage.
Technical indicators turn bearish
The hourly chart shows Bitcoin trading below its 100-hour simple moving average, a bearish signal that longer-term momentum is waning. A trend line with resistance near $68,000 is now capping any recovery attempts. The hourly MACD is gaining pace in the bearish zone, and the relative strength index (RSI) sits below 50 — both pointing to continued downside bias in the short term.
Key levels for the next move
Immediate resistance stands at $68,000 and then $68,500. A close above $68,500 would be needed to reclaim the $70,000 psychological mark and extend toward $71,500. On the downside, support is stacked in close increments. The first test lies at $66,200, then $66,000. If those break, $65,000 and $64,200 come into play. The last line before a deeper rout sits at $63,500.
If sellers keep pushing and that $63,500 level fails to hold, Bitcoin would be in its weakest technical position in months — and the next support levels after that are sparse. For now, the market is watching whether the $66,000 area can stabilize the price. A bounce from there would ease the pressure, but the momentum is firmly with the bears.
