BEARISH 📉 : Bitcoin drops 7.2%, risks falling below $70,000 amid volatility

The Bitcoin price recently experienced significant volatility, dropping into the $70,000 range due to a strong sell-off. This movement erased short-term bullish positions and breached several support levels. Despite potential further declines, Bitcoin aims to stabilize and regain key levels, possibly reaching $81,000 under favorable conditions.

Sweep of the Yearly Low

Bitcoin swept the yearly low around $74,456, clearing liquidity below previous lows and setting a reset point for market structure.
Post-sweep, Bitcoin rebounded to $77,000, indicating buyer support after the liquidation event.
This area is now a decision zone, where future directional moves are critical.
If Bitcoin maintains above the weekly open near $77,000, it may revisit the monthly open at $78,700, with possible momentum pushing towards $81,000.

Downside Scenario and Relief Bounce Zone

An alternative path exists if Bitcoin fails to hold above the weekly open, targeting a deeper downside between $70,800 and $69,100.
This high-confluence zone aligns with historical levels and technical indicators.
Currently trading at $70,930, Bitcoin is down 7.2% in 24 hours and risks falling below $70,000.
Holding above this zone could lead to range-bound activity before attempting to break past $81,000.

Bitcoin price