Bitcoin extended its slide this week, dropping below the $73,800 mark and breaking a rising channel on the hourly chart. The move came after the asset failed to hold above $74,200, pushing it under its 100-hour simple moving average. At its lowest, BTC hit $72,470 before staging a modest recovery that stalled near $74,000.
Break below the channel
The hourly chart for the BTC/USD pair shows a clear break below a rising channel that had provided support around $73,550. That breakdown accelerated selling pressure and put Bitcoin into a consolidation phase below the psychologically important $74,000 level. The recovery attempt that followed topped out just below $74,000, leaving bulls without a strong foothold.
Key levels to watch
Immediate resistance now sits at $73,850, with $74,000 acting as the main hurdle. A clean close above $74,000 could open the door to a move toward $74,500 and possibly $75,150 or even $75,500. But the bias is bearish at the moment. If Bitcoin can't climb back above $74,200, the path of least resistance is lower. Support sits at $73,000, then $72,500, and next at $72,000. A break below that floor could send BTC toward $71,500, with major support at $70,850.
Technical indicators turn bearish
The hourly MACD is gaining pace in bearish territory, and the Relative Strength Index (RSI) on the hourly timeframe is below 50 — both signals that sellers have the upper hand for now. That doesn't guarantee a deeper drop, but it does mean any bounce will face stiff headwinds until momentum shifts.
What comes next
The immediate question is whether Bitcoin can reclaim $74,000 in the next few sessions. If it doesn't, the $72,500-$72,000 zone becomes the next battleground. That's where buyers stepped in during the last test — but with the channel broken and momentum lean, another retest looks increasingly likely.
