Bitcoin's recent drop has sent shockwaves through the cryptocurrency market, with prices plummeting to around $66,000. The sharp decline is attributed to a combination of macro uncertainty, derivatives-led volatility, options expiry impact, and profit-taking by short-term holders.
The breakdown below key support levels has weakened bullish momentum, shifting near-term sentiment toward caution. The 4-hour chart shows a clear shift in market structure, with prices breaking below a crucial ascending trendline and slipping under key moving averages.
As long as BTC remains below the $68,400-$69,200 resistance zone, the market is likely to stay under bearish pressure. Losing immediate support around $65,600 could accelerate the decline toward $63,900 or even $62,500, increasing the likelihood of a bearish monthly close.
However, a strong reclaim of the $68,400-$69,200 resistance zone could invalidate the breakdown and push Bitcoin back toward the $70,000 level. The market is closely watching BTC's next move, which may target leveraged positions or liquidity clusters between $67,000 and $69,000.