Aayush Jindal
Key Highlights
- Bitcoin declined heavily below $70,000 before the bulls emerged.
- A bearish trend line is forming with resistance at $72,500 on the 4-hour chart of BTC/USD.
- Ethereum remains in a bearish zone below $2,150.
- Gold could start another decline if it dips below $4,400.
Bitcoin Price Technical Analysis
Bitcoin price failed to stay above $75,000 against the US Dollar. BTC reacted to the downside below $72,000 and $70,000.
Looking at the 4-hour chart, the price settled below the $70,000 handle, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It even spiked below $67,500. If the bulls attempt a recovery wave, they could face resistance at $69,500 and the 23.6% Fib retracement level of the recent decline from the $77,988 swing high to the $66,925 low.
The first major resistance could be $71,200. The main resistance might be near the trend line at $72,500 and the 50% Fib retracement level of the recent decline from the $77,988 swing high to the $66,925 low.
A close above $72,500 could send the price toward $74,200. Any more gains might call for a test of $75,000. If there is a fresh decline, an immediate support might be $66,500.
The first key support could be $65,000. The main breakdown support could be $63,500. A downside break below $63,500 might start another decline. The next major support might be $60,000, below which BTC could decline toward $58,000.
Looking at Ethereum, the price also gained bearish momentum below $2,120 and remains at risk of more downside.
Today’s Key Economic Releases
- US S&P Global Services PMI for May 2026 – Forecast 50.9, versus 50.9 previous.
- US ISM Services Index for Feb 2026 – Forecast 53.8, versus 53.6 previous.
