{"id":174014,"date":"2026-06-03T01:14:16","date_gmt":"2026-06-03T01:14:16","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=174014"},"modified":"2026-06-03T01:14:16","modified_gmt":"2026-06-03T01:14:16","slug":"bitcoin-price-in-freefall-as-panic-sweeps-through-the-market","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=174014","title":{"rendered":"Bitcoin Price In Freefall As Panic Sweeps Through The Market"},"content":{"rendered":"

Bitcoin price started a fresh decline below the $70,000 zone. BTC is consolidating and might continue to move down if it dips below $66,000.<\/em><\/p>\n

Bitcoin failed to stay above $70,500 and extended losses.
\nThe price is trading below $70,000 and the 100 hourly simple moving average.
\nThere is a bearish trend line forming with resistance near $68,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair might extend losses if it stays below the $67,500 and $68,500 levels.<\/p>\n

Bitcoin Price Nosedives<\/h2>\n

Bitcoin price failed to stay above the $72,000 support zone<\/a>. BTC remained in a bearish zone and extended losses below the $70,500 level. There was a move below the $70,000 level.<\/p>\n

The price even dipped below $67,200. A low was formed at $66,111 and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $66,111 low.<\/p>\n

Bitcoin is now trading below $70,000 and the 100 hourly simple moving average<\/a>. If the price remains stable above $66,000, it could attempt a fresh increase. Immediate resistance is near the $68,000 level. There is also a bearish trend line forming with resistance near $68,000 on the hourly chart of the BTC\/USD pair.<\/p>\n

<\/a><\/p>\n

The first key resistance is near the $68,500 level. A close above the $68,500 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance and the 50% Fib retracement level of the downward move from the $74,070 swing high to the $66,111 low. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000.<\/p>\n

Downside Acceleration In BTC?<\/h2>\n

If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $66,200 level.<\/p>\n

The first major support is near the $66,000 level. The next support is now near the $65,000 zone. Any more losses might send the price toward the $64,200 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n

Major Support Levels \u2013 $66,000, followed by $65,000.<\/p>\n

Major Resistance Levels \u2013 $68,000 and $70,000.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin price started a fresh decline below the $70,000 zone. BTC is consolidating and might continue to move down if it dips below $66,000. Bitcoin failed to stay above $70,500 and extended losses. The price is trading below $70,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance […]<\/p>\n","protected":false},"author":0,"featured_media":174015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-174014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/174014"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=174014"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/174014\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/174015"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=174014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=174014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=174014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}