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BTC/USD
Bitcoin below $70,000 as bull flag fails
Bitcoin’s recovery has suffered a setback. With the bull flag broken, attention turns to the $70,000 area. Can buyers stabilise the price, or is another leg lower ahead?
Bitcoin is down around 3% in Friday’s session, trading near $68,960 on the supplied IG daily chart. Turmoil surrounding Nvidia and pressure on AI stocks are weighing on risk appetite, with the weakness spilling into cryptocurrency markets.
Bitcoin technical analysis: Bull flag breaks down
The loss of $80,000 and the break below the flag have invalidated the bullish continuation scenario for now. Bitcoin has also fallen below its 100-day exponential moving average. The 34-period RSI is below the 48.5 threshold used in this analysis, reinforcing the weak momentum picture.
The immediate question is whether buyers can stabilise prices around $69,000–$70,000. If this area fails and fresh lows follow, $65,000 becomes the next downside reference, followed by the support zone around $60,000.
Can Bitcoin recover towards $80,000?
An initial bounce is visible, but a bottom has yet to be confirmed. A sustained recovery above $70,000 would be the first step towards stabilisation.
Sharp rebounds remain possible. However, resistance around $74,000 and the 100-day EMA near $77,000–$78,000 stand between current prices and $80,000. Reclaiming those levels would provide stronger evidence that the technical picture is improving.
Bitcoin daily chart: Bull flag breakdown puts $70,000 in focus
Bitcoin: Long and short scenarios
| Scenario | Condition | Potential targets |
|---|---|---|
| Long | Prices stabilise and sustainably reclaim $70,000 | $74,000, followed by the 100-day EMA near $77,000–$78,000; then $80,000 |
| Short | An attempted recovery above $70,000 fails and fresh lows follow | Initially $65,000; a further support break could expose $60,000 |
BTC/USD: Five-Year Price Performance
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