Why did Bitcoin price crash below $68,000? – brief analysis by CryptoPotato
Bitcoin’s price has been having difficulty approaching its all-time high of $75K and is still consolidating.
On Friday, the cryptocurrency tanked below $70K, and if the current level supporting the price breaks down, an even deeper correction could be expected.
Looking at the 4-hour chart, things seem tricky for Bitcoin. An ascending channel is currently being formed around the $70K mark. The price has already tested the pattern’s higher trendline and the $72K resistance level twice. It was rejected decisively and is testing the $69K support level once again.
A breakdown of this level could cause even more trouble. If the pattern is broken to the downside, a deeper drop toward the $60K would likely materialize in the short term.
With the RSI also below 50%, the bearish scenario seems probable.
