Bitcoin Price Slips Below $84K as Traders Eye Breakdown to $70K
The post Bitcoin Price Slips Below $84K as Traders Eye Breakdown to $70K appeared on BitcoinEthereumNews.com.
Bitcoin price traded below $84,000 on March 29, testing support as selling pressure increased. The move followed a sharp intraday decline of 3.1%, taking BTC to a low of $83,696. Technical analysts are now warning of further downside. In an X post, veteran trader Peter Brandt said that Bitcoin may drop below $70,000. He responded to another trader’s analysis showing BTC facing strong resistance near $90,000 while forming a rising wedge—typically a bearish reversal setup. When asked whether BTC could lose the $70K handle, Brandt said, “Would not be unreasonable.” Bearish Patterns Converge With Macro Pressure The rising wedge formation isn’t the only concern. Bitcoin price also shows signs of completing a break-and-retest of the $89,000 neckline from its double-top at $108,675. This adds weight to a bearish bias in the near term. Source: X Crypto Chase, a popular X-based technical analyst, noted BTC must hold the $85,270 area. If not, he warned of a short setup targeting $80,000 due to visible liquidity buildup. He wrote, “Do or die…Either holds this FVG / 2 weeks ago high… or it fails.” The 200-day exponential moving average (EMA) also flipped into resistance again, with traders watching the daily close for confirmation. Options Expiry and Whale Activity Add Downside Risk Data from Deribit shows Bitcoin options worth $16.5 billion are due for expiry this week. The maximum pain point sits at $85,000, making it a likely battleground for short-term volatility. Meanwhile, whale behaviour adds pressure. According to Glassnode, whales accumulated 15,000 BTC at $78,000 and sold near the recent $87,000 high. With little remaining demand at $78,000, support there now looks thin. According to Glassnode, “Support at $78K is now weak…Efficient traders have already exited.” Source: X Paxton and Merlijn Trader also considered the $84K—$85K range crucial. Failure to hold it could lead…
Filed under: News - @ March 29, 2025 11:12 am