Bitcoin has broken below a major support zone, and the source identifies $70,000 as the next level in focus. That support cluster was made up of the key $74,800 level, the support trendline of the daily rising channel from February, and the 50% Fibonacci retracement of the upward impulse C that started from late March.
$74,800 support gives way as daily structure weakens
According to the source material, the $74,800 area had been reversing Bitcoin since the middle of April, making it an important technical reference point on the chart. The break below that level, together with the lower boundary of the daily up channel, signals that a support area holding for months has now been lost. The move was sharp. Once that floor gave way, the market lost a layer of price support that had previously slowed declines.
The article also says the breakout accelerated the active intermediate impulse wave (3) that has been in place since the start of May. In that reading, the decline is not just a simple dip under one level; it is tied to a broader bearish wave structure already underway, which adds momentum to the downside move.
$70,000 seen as the next support to test
The source links this setup to bearish sentiment across the crypto market and to the strength of the active intermediate impulse wave (3). On that basis, Bitcoin is expected in the original article to move toward $70,000, the next round-number support. That level matters because, as stated in the material, it stopped the previous correction ii.
In technical terms, round-number levels tend to attract close attention, especially after a broader support band has already failed. The source stays narrowly focused on two points: Bitcoin has broken a key support zone, and $70,000 is the next major support area to watch. It does not provide volume data, on-chain metrics, or a longer-term market outlook.