Bitcoin (BTC) is under pressure as it faces a critical test around the $65,613 support level. This is a critical point that could define its trend in the near future. However, if it goes below this point, it is believed that its downward momentum will accelerate in the next few days.
At the time of writing, Bitcoin is trading at $68,117 with a 24-hour volume of $44.52 billion and a market capitalization of $1.37 trillion, according to CoinMarketCap. Over the last 24 hours, the price of Bitcoin has decreased by 1.88%.
BTC Tests Critical Market Support
On March 22, 2026, crypto analyst Man of Bitcoin pointed out that Bitcoin is currently testing an important support area at $65,613. This support area could be an important factor that will determine the trend of Bitcoin. This support area is important for maintaining the momentum of the crypto market.
According to the Man of Bitcoin, if the price of BTC does not hold above the $65,613 mark, there are chances of a 5-wave decline, which will indicate a stronger presence of bearish pressure in the short term. This indicates that the selling pressure of the bears might increase.
Bitcoin Technicals Signal Potential Recovery
The technical indicators are showing weakening momentum. The Relative Strength Index (RSI) is currently at 34.15. It is near oversold levels and is showing strong selling pressure. However, it can also show a possible rebound. Bitcoin is currently trading below its 20-day Simple Moving Average (SMA) at $80,692 and its 50-day SMA at $87,479.
Despite this, BTC is still above the 200-day SMA at $59,260, a strong long-term support for the price. Additionally, the MACD indicator is still in the red zone, with the MACD line at -9,291 below the signal line at -8,293. The red bars are getting smaller; although the bears are in control of the market, their power is waning.
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Bitcoin Rally or Further Losses?
Investors are closely observing if the $65,613 support holds or not. A strong rally could provide a boost to the cryptocurrency market, whereas a failure could result in further losses.
With BTC showing weakness in the short term but maintaining its long-term support levels, it is important to note that the next few days are going to be very important in deciding the direction of the market. It is recommended that investors and crypto enthusiasts keep an eye on these levels and stay abreast with the latest market news.
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