Hello, Traders!
Bitcoin price continues to fall towards the next big support area at 74k-70k.
Currently, there is no sign of BTC reversal, and it seems that this correction phase will last long.
Ideally, the faster BTC finds its local bottom, the faster it starts to rise again.
However, the current market conditions suggest that a period of consolidation might be necessary before a meaningful recovery.
I doubt that the BTC price will fall below 70k despite all the negative sentiment surrounding it at the moment.
More likely, we will see strong buying pressure at those levels, as institutional investors and long-term holders step in to accumulate at what they perceive as a discount.
Also, the stochastic RSI on a weekly scale has dropped to 0, which historically indicates that momentum is oversold and a potential reversal could be near.
If we see a bullish cross on the SRSI on a weekly timeframe, this might act as a catalyst for a price rebound, possibly pushing BTC toward new highs.
Another indication of a possible bottom is the Fear & Greed Index, which currently sits at around 20.
This level reflects extreme fear in the market, a condition that has often preceded local bottoms in previous cycles.
Historically, such extreme fear tends to trigger a shift in sentiment, leading to increased demand and a subsequent price recovery.
Furthermore, on-chain metrics suggest that long-term holders remain unfazed by the recent downturn, with exchange reserves continuing to decline. This indicates that a significant portion of BTC supply is being moved to cold storage, reducing selling pressure.
Additionally, open interest in the futures market has seen a decline, which could mean that excessive leverage is being flushed out—a necessary step for a healthier market structure.
If BTC manages to hold the 70k support level and confirms a reversal with increasing volume, we could see a strong recovery phase unfold.
However, if the price breaks below this key support, the next significant area to watch would be around 65k, where additional buying interest might emerge.
Please don’t forget to boost this idea and leave your comments below.
Bitcoin price continues to fall towards the next big support area at 74k-70k.
Currently, there is no sign of BTC reversal, and it seems that this correction phase will last long.
Ideally, the faster BTC finds its local bottom, the faster it starts to rise again.
However, the current market conditions suggest that a period of consolidation might be necessary before a meaningful recovery.
I doubt that the BTC price will fall below 70k despite all the negative sentiment surrounding it at the moment.
More likely, we will see strong buying pressure at those levels, as institutional investors and long-term holders step in to accumulate at what they perceive as a discount.
Also, the stochastic RSI on a weekly scale has dropped to 0, which historically indicates that momentum is oversold and a potential reversal could be near.
If we see a bullish cross on the SRSI on a weekly timeframe, this might act as a catalyst for a price rebound, possibly pushing BTC toward new highs.
Another indication of a possible bottom is the Fear & Greed Index, which currently sits at around 20.
This level reflects extreme fear in the market, a condition that has often preceded local bottoms in previous cycles.
Historically, such extreme fear tends to trigger a shift in sentiment, leading to increased demand and a subsequent price recovery.
Furthermore, on-chain metrics suggest that long-term holders remain unfazed by the recent downturn, with exchange reserves continuing to decline. This indicates that a significant portion of BTC supply is being moved to cold storage, reducing selling pressure.
Additionally, open interest in the futures market has seen a decline, which could mean that excessive leverage is being flushed out—a necessary step for a healthier market structure.
If BTC manages to hold the 70k support level and confirms a reversal with increasing volume, we could see a strong recovery phase unfold.
However, if the price breaks below this key support, the next significant area to watch would be around 65k, where additional buying interest might emerge.
Please don’t forget to boost this idea and leave your comments below.
Note
Bitcoin closed the CME gap from early November and is currently bouncing up from that level. However, the overall market structure remains uncertain, with selling pressure still evident.
I still think that the sell-off isn't finished yet, and we might see lower levels soon, especially if key support levels fail to hold.
A break below the current range could trigger further downside movement, potentially testing previous liquidity zones.
On the other hand, if buyers step in with strong volume, we could see a relief rally before any further decline.
Trade active
Bitcoin is struggling to break the 85k resistance and leaning more towards 77k than 90k. The current market structure suggests that BTC is more likely to test the 74k-70k support zone before any significant recovery attempt. A key date to watch is April 2, when Trump plans to implement tariffs against the global market. If history is any guide, such a move could trigger a sharp sell-off across financial markets, leading to increased volatility in crypto.
In this scenario, BTC might drop as low as 70k, testing critical support levels.
Currently, there is a clear lack of positive sentiment in the market that could drive prices higher.
In order to reverse the downtrend, BTC would need to break above 95k and sustain that level, signaling renewed bullish momentum.
However, given the prevailing conditions, this outcome appears unlikely in the near term.
Note
Bitcoin continues to make higher highs on a daily timeframe but is struggling to break the 87k resistance.Despite the overall uptrend, the lack of strong bullish catalysts keeps BTC under pressure, with price action showing a tendency to decline rather than sustain upward momentum.
For Bitcoin to confirm a reversal of the current downtrend, it must first break above the 87k resistance and establish support at that level.
If this happens, the next crucial hurdle will be the 92k resistance. A successful breakout above 92k with strong volume could signal the beginning of a sustained bullish trend.
However, macroeconomic factors could heavily impact Bitcoin’s trajectory.
I anticipate a significant sell-off on April 2 if Trump confirms his plans to implement tariffs against multiple countries.
Such a move could trigger uncertainty across financial markets, leading to increased volatility in Bitcoin and other risk assets.
Note
As was expected, Bitcoin didn't manage to break the 89k resistance and lost all the gains it had accumulated lately. This rejection signals continued weakness in the market, with buyers unable to sustain momentum at higher levels. Considering that next week Trump is expected to confirm new tariffs, I anticipate a strong sell-off across all markets, including crypto.
Increased uncertainty and potential economic strain could push investors toward risk-off assets, further pressuring BTC and the broader crypto space.
As I mentioned before, I expect BTC to drop to the 74k-70k support area, which will be a crucial level to watch.
If this support fails to hold, it could trigger a deeper correction, effectively crushing any lingering hopes for an altseason.
A break below 70k would likely accelerate panic selling, leading to a potential cascade of liquidations and a further downturn in the market.
That being said, there is still a possibility that after next week’s sell-off, we might see BTC attempt a recovery. However, this will largely depend on whether the 70k support remains intact.
If buyers step in with strong demand at this level, we could see a relief bounce, possibly sparking renewed optimism. But if the support fails, the market could enter a prolonged bearish phase, making any short-term bullish scenarios increasingly unlikely.
Note
Bitcoin dropped from 88K to 82K just in a few hours after Trump confirmed his tariff plans against most countries. This sharp decline signals increased market uncertainty, as investors react to potential economic repercussions.
This drop will likely continue after the US market opens, with increased volatility possibly pushing BTC below the key 80K level.
If selling pressure intensifies, the next major support zone to watch will be around 78K–76K, where buyers previously stepped in.
On the other hand, if BTC manages to hold the previous local low at 76K and avoids a deeper drop, we could witness a long-awaited price recovery.
A rebound from this level could trigger renewed bullish momentum, especially if market sentiment stabilizes.
However, any further tariff announcements from Trump or additional macroeconomic shocks could fuel another wave of selling, putting even more pressure on BTC in the short term.
Trade closed: target reached
Bitcoin dropped to $74K amid expectations of Monday market opening.Now it's important for BTC to hold this level and not drop below $70K, as a break below that threshold could trigger increased selling pressure and signal a potential short-term downtrend.
Investors and traders will be closely watching key support zones and market sentiment as traditional markets reopen, which could further influence crypto price action.
A strong bounce from current levels could reinforce bullish momentum, while continued weakness might lead to a broader correction across the digital asset space.
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✅ FYBIT exchange. I recommend. No KYC, available in all countries. fybit.com/Account/Register/OMNP5
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
🔥 My Twitter - x.com/Real_CryptoRoy
▶️ Telegram - t.me/Real_CryptoRoy
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.