Usman Salis
⬤Bitcoin has undergone a clear shift in market structure after losing its footing around the $69,000 support zone. That level, once a reliable demand area, has now flipped into resistance following a failed retest. Price is hovering near $68,300 and struggling to climb back above the broken level, signaling growing downside pressure in the near term.
⬤The breakdown came with heavy selling candles, and a subsequent retest from below was met with quick rejection, confirming the resistance flip. As covered in Bitcoin Falls Below $68K - Reclaiming $70K Is Now Critical, similar rejection patterns at key levels have previously pointed to extended downside. The current chart projects a move of roughly 9%, with the $62,000-$63,000 range as the next logical target.
⬤BTC is now printing lower highs while selling pressure builds. The $68K-$69K range has served as a battleground across multiple sessions. According to Bitcoin Price Holds $66K Support Zone as $68K Resistance Tests Begin, a breakdown from this range historically opens the door to deeper corrective moves, and current price action appears to be following that playbook.
⬤Bitcoin stands at a technical crossroads. Continued weakness below the $69K resistance level risks accelerating downside momentum across the broader crypto market. A recovery remains possible, but would require a decisive push back above $69K to shift short-term sentiment. For now, as detailed in Bitcoin Tests $66,250 Support - A Drop to $62,600 May Be Next, the path of least resistance still points lower.
Usman Salis
