Bitcoin has fallen below the $70,000.00 round-number support, breaking a technical zone that had previously held price declines and shifting attention to $66,000.00 as the next support level.
According to the source article, the broken area included the $70,000.00 level and the 50% Fibonacci retracement of the ABC correction wave (2) that began in early February. That same zone had stopped the previous minor correction wave ii at the start of April, giving it added chart significance before the latest move lower.
Breakdown accelerates the current bearish wave
The article says the move through support sped up an active short-term impulse wave 3. That wave is described as part of a larger sharp downward impulse wave (3) that has been in place since early May. In practical terms, the drop below $70,000 strengthened an already negative short-term structure and reinforced the broader decline visible on the chart.
The source also points to a clear weekly downtrend and bearish sentiment across the wider crypto market. With those conditions still in place, the analysis identifies $66,000.00 as the next likely destination. This matters because the same level reversed Bitcoin’s price multiple times in March, making it a notable technical reference point.
Why traders are watching $66,000
In the framework presented by the article, $66,000.00 stands out because it has already acted as support on several occasions. If the current weekly downtrend remains intact, that area becomes the next key zone to watch for Bitcoin’s price action.
The original piece also includes a disclaimer stating that the content reflects the author’s views only and does not constitute investment advice or a recommendation.