Bitcoin (BTC) price fell 8% as trading fell below key levels last week

Bitcoin price plummeted 8%, falling below key support!

Bitcoin price suffered a heavy drop today, with a drop of up to 8%. After failing to stabilize last week's key support level, prices continued to decline, the daily chart trend was extremely bearish, and the momentum was significantly weakened.

Last week, the price approached $89,000, triggering a brief market optimism. However, after failing to rise further, prices quickly fell.

This has led to a large number of short-term long positions falling off in the futures market, forming a "bull market trap". Since then, prices have continued to fall, losing nearly $80,000 in a week, with shorts dominating.

Prices fell to an all-time low of $745,000 today, hitting a five-month low. At the time of writing, the price rebounded slightly to $772,000.

The current price is trying to retest the $80,000 mark that fell below yesterday. Once the price tests this level again, further sell-offs are expected, especially during the New York trading session.

Currently, yesterday's lows constitute support. If this support level is held, the selling pressure may be temporarily relieved. However, judging from the current trend, Bitcoin may test the $71,000-70,000 range before stabilizing. The market currently lacks long power.

Key support and resistance levels

Source: TradingView

After Bitcoin fell below the low of $74,500 today, it is currently at a price above $76,606. A break below this level could lead to further price drops to $73,620, or even to key support levels of $70,578.

After a slight rebound, the $81,135 resistance level may be retested, as well as the uptrend line that has recently fallen below. The resistance levels above the trend line are at $85,800 and $88,765 respectively, respectively, and the price has previously started an upward trend here.

Key resistance levels: $81,135, $85,800, $88,765

Key support levels: $76,606, $73,620, $70,578

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