Bitcoin fell sharply below $80,000 after failing to hold gains above $82,500, putting the $70,000 support level back into focus as downside pressure builds.
The cryptocurrency is down more than 10% from recent highs and is trading below the 100-hour simple moving average, signalling weakening short-term momentum.
Technical data from Kraken shows a bearish trend line forming near $79,200, with Bitcoin struggling to reclaim resistance after dropping to a recent low around $75,665.
If Bitcoin fails to recover above $79,200, analysts warn that further declines could see price retest the $75,000 and $74,000 levels in the near term.
A sustained move below $75,000 would expose the market to a deeper pullback toward $72,000, with $70,000 identified as a major psychological and technical support zone.
Momentum indicators remain weak, with the hourly MACD deep in bearish territory and the relative strength index sitting below the neutral 50 level.
While a rebound above $79,200 could open the door to a move toward $82,000, traders remain cautious as sellers continue to dominate below the $80,000 threshold.
At the time of reporting, Bitcoin price was $75,549.10.