Bitcoin’s Descent: Will It Hit the Floor or Just Keep Falling?

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Bitcoin, that fickle jester of the financial world, has once again pulled a rabbit out of the hat-only this time, the rabbit is a screaming banshee and the hat is a bottomless pit.

  • Bitcoin started a sharp decline below $71,200 and $70,500, because apparently, even the digital gods have a bad day.
  • The price is trading below $70,500 and the 100 hourly simple moving average, which is like trying to ride a unicycle while blindfolded and carrying a bag of bricks.
  • There is a bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). Kraken, because nothing says “reliable” like a name that sounds like a pirate’s pet.
  • The pair might continue to decline if it stays below the $69,200 and $70,000 levels. Because why would it ever be bullish? That’s like asking a penguin to do a backflip.

Bitcoin Price Dips Further

Bitcoin price started a sharp decline from well above $72,000. BTC declined below $71,200 and $70,000 to enter a short-term bearish zone. Because nothing says “investment” like a rollercoaster with no safety harness.

The bears even pushed the price below $69,500. There was a move toward $67,500. A low was formed at $67,343, and the pair is now consolidating losses. Like a grumpy cat after a failed attempt to nap on a keyboard.

Bitcoin is now trading below $70,000 and the 100 hourly simple moving average. Besides, there is a bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair. Because who needs hope when you can have a wall of worry?

If the price remains stable above $68,000, it could attempt a fresh increase. Immediate resistance is near the $69,000 level. The first key resistance is near the $69,200 level and the trend line. Because nothing says “optimism” like a line that’s more stubborn than a mule in a tornado.

In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,650 level or the 50% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low. The next barrier for the bulls could be $72,800. Because why stop at one cliff when you can jump off multiple ones?

Downside Extension In BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,250 level. Because support is just a fancy word for “maybe, if we’re feeling generous.”

The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term. Because even the floor has its limits.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone. Because even the indicators are giving up.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Because “strong” is a relative term.

Major Support Levels – $68,000, followed by $67,250. Because support is like a friend-sometimes you need them, sometimes you don’t.

Major Resistance Levels – $69,200 and $70,000. Because resistance is just a fancy word for “nope.”

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2026-03-23 06:40