Bitcoin dropped below $74,000 this week and is struggling to stay above the $72,000 mark, extending losses after failing to hold $75,000. The world's largest cryptocurrency is trading under its 100-hour simple moving average, a bearish signal that has traders watching for a retest of $70,000.
Technical breakdown: Key levels to watch
On the hourly chart from Kraken, a bearish trend line is forming with resistance at $73,750. Bitcoin hit a low of $72,470 and is now consolidating below the 23.6% Fibonacci retracement of the move from $77,810 to that low. Immediate resistance sits near $73,800; a close above $74,500 would open the door to $75,150 and $75,500. But if the rally fizzles below $74,500, the next stop could be support at $72,500, then $72,000, $71,200, $70,500, and finally the major floor at $70,000.
Momentum tilts bearish
The hourly MACD is gaining pace in the bearish zone, and the hourly RSI is below 50 — both pointing to weak buying pressure. That combo suggests any bounce might be short-lived unless volume picks up noticeably.
The key question is whether $70,000 holds as a support level. If Bitcoin breaks below $70,000, it could trigger a deeper correction. For now, bulls need to reclaim $74,500 to regain control. The next 48 hours will be critical — either the support line holds or the bears take it lower.
