Bitcoin's (CRYPTO:BTC) price struggle to reach its all-time high of $75,000 continues, with the cryptocurrency recently dipping below $70,000.

Technical analysis reveals that Bitcoin is hovering near the upper boundary of a descending channel on the daily timeframe, with the $69,000 support level crucial in preventing further decline toward $60,000.

Meanwhile, on the 4-hour chart, an ascending channel is forming around $70,000, with a breakdown potentially leading to a deeper drop.

The bearish sentiment is further fueled by a bearish divergence in open interest in the futures market, suggesting a possible liquidation cascade.