BTC $70k Support Getting Tested. Will It Hold?
In our previous Bitcoin analysis, we talked about the $70k key support zone on the Daily timeframe and identified how important it was for the BTC bulls to defend this key level at all cost.
Well, since publishing that TA, we have seen the BTC bearish pressure intensify. And right now, the bulls are fighting to hold on to this $70k support.
In this Bitcoin analysis, we will be breaking down the bearish scenario for Bitcoin and what the BTC price might do once this $70k support zone gives way.
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BTC $70k Support About to Give Way.
The BTC are fighting but they are slowly loosing this battle as the BTC price continues to tank. The most important price level to keep a close eye on right now is the $70k key support zone on the Daily timeframe.
If this $70k key support zone gives way, this opens the door for a potential move to $53k or lower in the coming days.
So for now, we are watching closely to see how the bulls react to this intense push down. Will the $70k support hold or are we about to see the bears breakthrough it soon?
Final Verdict!
The Bitcoin bears are still in full control of this market and there is a very high probability that we might see this BTC sell-off intensify in the coming days.
The most important price level we are still keeping a close eye on is the $70k support zone on the Daily timeframe. If this support gives way, this would be the indication we need to confirm the start of the BTC sell-off to $53k
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