The Bitcoin price just lost an important level, and the chart is starting to look heavy again. Price dropped under $85,000 and is now trading near $84,400. This move did not come out of nowhere. It follows a clean rejection near the $95,000–$98,000 zone, where sellers stepped in with force.
The bigger issue is structure. Bitcoin was moving inside a rising channel for weeks. That channel has now failed. Once price slipped below the lower boundary, buyers did not step up. Instead, the market accelerated lower.
On the chart, the Bitcoin price formed a classic bear flag after the last sharp drop. Price moved sideways and slightly upward, then rolled over again. That pattern has now broken to the downside.
This type of setup often leads to continuation moves. In this case, the measured targets sit much lower than the current price. The first zone to watch is around $75,000. If that level fails, the next area of interest sits near $70,000, where buyers defended price in earlier sessions.
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The rejection near $98,000 was the turning point. That zone acted as strong resistance and capped the entire move higher. Once Bitcoin failed there, momentum faded quickly.
After that rejection, the BTC price broke below short-term support and never recovered. Each bounce since then has been weaker. That tells us sellers are still in control of the tape.
Key Levels on the BTC Chart
Presently, the market is holding within a well-defined zone. The support lies around $75,000, with a stronger one at $70,000 should the pressure persist. On the other hand, the charts will only improve if Bitcoin manages to close above $90,600.
The Bitcoin price is no longer in a neutral phase. The structure has changed, and the chart is pointing lower. The trend is one of caution. Sellers are in control, and buyers must prove their worth once again. Until then, the journey to $75K, and perhaps $70K, remains very much on the cards.
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