Bitcoin dropped over 5% on Friday, extending a two-day decline to 9% and falling below the psychological 70K support level. The asset faces pressure from post-mid-term election regulatory concerns, rising US yields, and broader tech sector risk aversion. Technical indicators, including a 20/100DMA bear-cross, suggest further downside potential toward the 67K and 65K levels.
Bearish
🤖 70%
Bitcoin fell over 5% on Friday, extending a two-day drop of around 9% to the lowest in nearly three months, breaking the psychological 70K level, the 200DMA and 50%/61.8% retracements. Firmly bearish daily studies with a 20/100DMA bear-cross point to targets at 67K and 65K. Strong bearish momentum argues for continued downside, though oversold RSI and a developing tail on Friday's candle suggest bears may pause and 70K becomes initial resistance.
Catalysts
- ▼ Break below psychological 70K support on Friday with over 5% daily loss
- ▼ 200DMA bear-cross of 20/100DMA forming on daily studies
Risk Factors
- ▲ Oversold RSI producing headwinds and a tail developing on Friday's daily candle, pointing to a possible breather
- ▲ Extended upticks capped under broken 200DMA at 73K could still allow short-term rebounds