Bitcoin (BTC) price struggles around $70,000 after a steep correction. The crypto market has absorbed its biggest losses since the 2022 bear cycle. Technically, the picture suggests weakness. Prices have not rebounded past crucial levels. The short-term outlook for Bitcoin remains downward.
The BTC price is currently trading within a descending channel on the daily chart, which is a sign of ongoing selling pressure. The 100-day moving average at $79,000 is acting as resistance. The 200-day moving average at $92,000 adds further overhead pressure.
The range of $75,000 to $80,000 has changed its role. Previously, it was an area of support in late 2025. However, it now serves as a resistance. Every attempt to recover has been unsuccessful in this range.
Momentum indicators indicate some recovery, but it is limited. The Relative Strength Index has risen after falling below 20 in February. Currently, it is in the mid-50s. However, this is not enough to indicate a bullish reversal.
The level of support is well established below the current price level. The area between $60,000 and $62,000 is important. If this level is broken, the next level of support stands near $50,000.
BTC Holds Near Channel Support
Analyst CoinCodeCap Trading highlighted the broader ascending channel in the chart. The current movement of the price of BTC is near the lower boundary of this channel. The area between $71,000 and $72,000 is strong resistance. This level has recently rejected the price.
BTC is currently trying to hold the support level at between $67,000 and $68,000. If this level holds, a move towards the resistance level can be expected. A breakout above $72,000 can lead to a move towards $75,000 and $76,000.
However, the risks are still present at the downside, as a breakdown below the ascending trend line can lead to a decline. The overall structure of the market still shows weakness, as the buyers have not taken control.
Also Read: Bitcoin (BTC) Standoff: $70K Support Tested As Institutional Flows Rebound
Moreover, another analyst, Cryptorphic, mentioned that Bitcoin (BTC) is struggling to trade past a key resistance trendline and is facing difficulty at the $71,000 level. The price is not showing any sign of breaking past this area, which is a strong resistance zone for BTC.
He further stated that if such rejections continue at this level, BTC may dip further to the $68,000 mark. Until a breakout occurs, further downside is expected, and the market will remain in bearish territory.
Volume and Open Interest Decline
CoinGlass data shows a 13.33% decrease in volume to $65.47 billion. Open interest has reduced by 1.90%, now at $49.32 billion. The OI-weighted funding rate is at 0.0043%, reflecting a neutral position.
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