- BTCUSD breaks below ascending trend channel
- Trades below 70,000 at lower boundary of consolidation
- Momentum signals suggest deeper declines may be limited for now
Bitcoin is attempting a mild recovery after falling to a onemonth low slightly below 65,000, before paring losses and trading higher near 67,700, trying to reenter the multimonth upwardsloping channel intact since early February.
Momentum signals reflect the tentative rebound, though they remain in negative territory. The MACD histogram continues to shrink below zero while hovering marginally above its signal line, and the RSI is ticking up from just below the 50 neutral threshold – suggesting weakening downside momentum but no strong bullish shift yet.
Initial resistance appears at the 50day simple moving average (SMA), which aligns with the 23.6% Fibonacci retracement of the January-February pullback at 68,931, followed by the 20day SMA clustering near the 70,120 level. Above that, resistance emerges at 71,500, and then the broader range ceiling near 74,471.
Support below 65,400 lies at the 62,500 range floor, followed by the key 60,000 psychological level – also a fifteenmonth low.
Bitcoin is currently testing the lower boundary of the sideways range, which has capped rallies and guided a pattern of lower highs, keeping the nearterm bearish tone intact. Recent rebounds remain corrective, with the broader downside pressure reinforced by the 20 and 50day SMAs clustered around 70,000, continuing to limit attempts at a range breakout for now.
