Bitcoin couldn't hold above $73,500 and dropped further this week, breaking a key bullish trend line and sliding under the 100-hour simple moving average. The largest cryptocurrency by market cap now sits around the $71,500 area after briefly dipping below $72,000. Traders are watching whether BTC can reclaim $72,350 to avoid another leg down.
Breakdown and trend-line loss
After failing to stay above $73,500, bitcoin extended its losses and broke a bullish trend line that had offered support at $73,250 on the hourly chart. The sell-off accelerated once price dipped below $72,000, eventually hitting a low of $70,581. That's the lowest level in the current move, and the market is now trying to stabilize.
Key levels to watch
Immediate resistance sits at $71,950, with the first major hurdle at $72,350 — the 50% Fibonacci retracement of the recent drop from $74,161 to $70,581. If BTC can climb back above $72,500, bulls might aim for $73,500 and eventually $74,000. But if it fails to break $72,500, another decline is likely.
Support levels below are packed tight: $71,200, then $70,500, $70,000, $68,800, and the main floor at $68,500. A close below any of those could open the door to more downside.
MACD and RSI signal caution
The hourly MACD is gaining pace in the bearish zone, and the hourly RSI is below 50. Neither indicator is screaming oversold yet, so the short-term bias remains cautious. For a reversal, bitcoin needs to push through $72,350 with volume — otherwise, the consolidation could turn into another leg lower.
