BTC/USD fell more than 5% on Friday, extending a sharp two‑day decline of roughly 9%, and reached its lowest level in almost three months.
The continued downward momentum broke several key support zones—including the 200‑day moving average, the 50% and 61.8% Fibonacci retracement levels of the 57,673–87,385 range, and the psychological $70,000 level—producing strong bearish signals.
Bitcoin faced heightened pressure in the post‑midterm election period as Democratic lawmakers hinted at stricter crypto regulation, while higher U.S. yields and risk aversion in technology stocks further darkened the outlook.
Bearish technical studies, marked by strong negative momentum and the recent 20‑/100‑day moving average cross‑down, indicate additional downside potential, with price targets around $67,000 and $65,000.
However, bears may take a brief breather after the sharp declines, as the oversold RSI begins to generate some headwinds, with a potential tail forming on Friday’s daily candle.
The broken $70,000 level now serves as initial resistance; any attempted rallies would likely stall below the broken 200‑day moving average near $73,000, keeping bears in control and presenting better entry points for further downside.
Res: 70000; 71530; 72530; 73050
Sup: 67490; 66900; 65700; 65000
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