Bitcoin has fallen sharply below $71,200 and $70,500, entering a short-term bearish phase. Currently trading below $70,000 and the 100-hour SMA, the coin is under pressure. A bearish trend line with resistance near $69,200 on the hourly chart suggests possible downside continuation. If Bitcoin fails to rally above $69,200, it could see additional losses towards $65,000.
However, a bounce above $69,200 could lead to gains toward $70,000 and potentially higher to $72,800. The current technical indicators suggest a bearish sentiment.
Support Levels: $68,000, $67,250. Resistance Levels: $69,200, $70,000.