Bitcoin’s price is on the verge of breaking through key psychological levels as it hovers just below the $70,000 mark. However, despite repeated attempts to surpass this barrier, buyers have struggled to gain full control. The momentum is there, but the lack of follow-through has made it difficult for Bitcoin to make a clean move towards $72,000.
As Bitcoin remains stuck below major resistance, the upcoming week will be crucial in determining whether buyers will regain strength or if consolidation will continue before another breakout attempt.
Bitcoin Price Prediction: Breakdown Below $70K Puts $59K Support in Focus
Currently trading near $68,687, Bitcoin failed to hold above the $70,000–$72,000 resistance band on the daily chart. The recent rejection from this supply zone led to a sharp sell-off, indicating that buyers are still struggling to gather momentum above the $70K mark. The formation of clear lower highs suggests that short-term pressure is tilted towards the downside.
The chart indicates that Bitcoin has broken below a strong horizontal support zone near $72,000, which previously served as a consolidation floor. The price then dropped towards the $59,600 demand region, with a long lower wick near $59K suggesting aggressive dip-buying. However, the rebound has been subdued and has struggled to surpass $70K, indicating that the movement may be more corrective than impulsive.
If Bitcoin continues to form lower highs below $70K, it is likely to retest the $59,600 major support level, followed by $55,000–$52,000 if that zone is breached.
The sell-off towards $59K was accompanied by a significant spike in volume, indicating strong participation during the decline. This suggests forced liquidation and panic selling rather than controlled rotation. The On-Balance Volume (OBV) is trending downwards, signaling sustained capital outflow. While there are early signs of flattening in the histogram, there is no confirmed bullish crossover yet, indicating that downside pressure still dominates the weekly outlook.
The Final Verdict—Levels to Monitor This Week
Bitcoin’s price is currently at a critical juncture following its rejection near $70,000. A successful reclaim and hold above the $70K–$72K resistance zone with strong volume could shift momentum quickly, paving the way for a move towards $78,000 in the near future. However, failure to break through this barrier keeps downside risks alive. Another rejection could push Bitcoin back towards the $59,600 support level, with a breakdown below that potentially leading to losses towards the $55K region. The next few daily closes will play a crucial role in determining the prevailing trend for the week.
Trust with CoinPedia:
At CoinPedia, we have been providing accurate and timely updates on cryptocurrency and blockchain developments since 2017. Our content is meticulously curated by a team of expert analysts and journalists, adhering to strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Each article is thoroughly fact-checked against reputable sources to ensure precision, transparency, and reliability. Our reviews are conducted impartially to offer unbiased assessments of exchanges, platforms, and tools. We are committed to delivering timely insights on everything related to crypto & blockchain, from emerging startups to established industry players.
Investment Disclaimer:
The opinions and insights shared in our content reflect the author’s personal perspectives on current market conditions. We strongly recommend conducting your own research before making any investment decisions. Neither the author nor the publication assumes responsibility for the financial choices made by readers.
Sponsored and Advertisements:
Sponsored content and affiliate links may be featured on our platform. Advertisements are clearly labeled, and our editorial content remains entirely independent from our advertising partners.