BTC/USD Analysis: Bitcoin Tests Key Support

Today, BTC/USD is trading slightly below the psychological $70k level. Assessing its price action since the panic on 5 February, it is reasonable to suggest that the market is showing signs of range-bound behaviour: sellers tend to emerge near $75k, while buyers become active around $65k.

This balance between supply and demand, where neither side has been able to take control for several weeks, may feel either tiring or calming; however, the price chart suggests there are reasons for concern.

Technical Analysis of BTC/USD

On 18 March, analysing Bitcoin’s price action within a broad descending channel, we:

→ noted signs of buying pressure, which led to the formation of an intermediate ascending channel (shown in blue);

→ suggested that buyers were pushing sellers out of the $70–72k zone, which could act as support.

However, the price soon reversed lower from the psychological $75k level, and the highlighted zone failed to provide support. Bulls retreated and showed an inability to defend the gains marked by the first arrow.

A similar lack of strength was observed later:

→ As indicated by the second arrow, on Monday, 23 March, Bitcoin surged sharply following statements by Donald Trump regarding negotiations with Iran.

→ However, the previously mentioned $72k level acted as resistance, and yesterday’s decline once again reflects a retreat by buyers.

As a result, there are grounds to conclude that bulls are struggling to sustain momentum, increasing the risk of a bearish breakout below the lower boundary of the blue channel. This level is particularly important because:

→ the blue channel may be interpreted as a bearish flag pattern;

→ a breakdown of this pattern could pave the way for a continuation of the prevailing downtrend, which has been in place since autumn 2025.

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