BTC/USD Drops Deeper Below $70,000 as Bearish Momentum Accelerates

BTC/USD extended its sharp decline for a second consecutive session, with bearish momentum accelerating after Monday’s decisive break below the lower boundary of the daily Ichimoku cloud. The cloud base had successfully contained four previous downside attempts before finally giving way, paving the path to the cryptocurrency’s lowest level in nearly two months.

The latest sell-off pushed Bitcoin below the key psychological support at $70,000 and through the Fibonacci retracement level at $69,151 (76.4% of the $64,929–$82,463 rally). A sustained close below these levels would reinforce the bearish outlook and signal potential for further downside.

Technical indicators remain firmly negative. Daily moving averages have shifted into a fully bearish configuration following Monday’s break below the 100-day moving average, while multiple bearish crossovers continue to undermine the near-term structure. Momentum studies also point to strengthening downside pressure.

Bears are now targeting the key support zone between $65,500 and $65,000, an area defined by the lows recorded in late March and early April. However, deeply oversold daily indicators suggest that the current downtrend may pause for a period of consolidation before resuming lower.

On the upside, the broken $70,000 level has reverted to initial resistance and is expected to cap recovery attempts. Additional resistance is seen at the breached 100-day moving average at $73,252 and the daily cloud base at $73,875, with both levels likely to limit stronger rebounds and keep the broader bearish scenario intact.

Res: 69151; 70000; 73252; 73875
Sup: 67000; 66260; 65500; 65000