Bitcoin’s Bearish Turn: Rising Wedge Collapse Signals Drop To $73,919
The bulls are losing their grip as Bitcoin confirms a bearish rising wedge breakdown, threatening its recent gains. After struggling to hold key support levels, BTC has now sliced through critical trendlines, opening the door for a deeper correction toward $73,919—a level that could determine whether this is a healthy pullback or the start of a steeper decline.
With selling pressure intensifying and market sentiment turning cautious, traders are watching closely to see whether Bitcoin can find stability. If the bears maintain control, BTC could face even steeper declines.
Bearish Momentum Strengthens: Signs Of Further Downside
After breaking out of the rising wedge pattern, Bitcoin has extended its bearish momentum, signaling a shift in control from bulls to bears. The breakdown from this classic reversal pattern has triggered a wave of selling pressure.
BTC’s inability to reclaim lost ground further confirms the bearish outlook, as each recovery attempt is met with stronger resistance. The formation of multiple red candles indicates sustained downward pressure, with sellers firmly in control. This pattern suggests that Bitcoin is struggling to find a solid support level, increasing the risk of more declines.
Bitcoin’s technical indicators are reinforcing the bearish outlook, with the Moving Average Convergence Divergence (MACD) flashing a strong sell signal. The MACD line has dropped below the signal line and is now moving further below the zero line, confirming a shift in momentum to the downside. Typically, this crossover suggests that selling pressure has increased while buying interest has weakened.
This recent breakdown has also resulted in a price drop below the 100-day Simple Moving Average (SMA), a critical technical level that often acts as dynamic support or resistance. Bitcoin’s failure to hold above this key moving average indicates that selling pressure is intensifying, making it harder for the bulls to regain control. Historically, when BTC trades below the 100-day SMA, it suggests weakening momentum and increases the likelihood of further downside movement.
Key Support At $73,919: Will Bitcoin Hold?
Bitcoin is now approaching a crucial support level at $73,919, a price zone that could determine its next major move. This level has emerged as a potential safety net for BTC, and whether it holds or breaks will be key in shaping the market’s direction.
If buyers step in with strong demand, Bitcoin could see a bounce from this support, regaining lost ground and challenging resistance levels above. Its successful defense of $73,919 might signal that the Bulls are still in the game, creating an opportunity for a reversal.
However, if selling pressure remains dominant and BTC fails to hold this level, the risk of an extended downtrend increases, with the asset eyeing other support levels like $65,082 and 60,152.
Featured image from Unsplash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
