Cryptocurrencies have endured a bit of a torrid last few weeks and things are starting out the same way again this week. Bitcoin caught a modest bounce on Friday, having come close to a low of $60,000 to jump back up above the $70,000 mark. But after that, price action has been rather lethargic since the weekend with the highs failing to breach the $72,000 level.
And as we get things going today, there is some exhaustion as we see a dip back under the $70,000 mark after a brief consolidation in the past 24 hours or so.
The drag takes out the $70,000 mark and will start to threaten a potential drop back under the 100-hour moving average (red line). That's a key line in the sand in the near-term chart, seen at around $68,895 currently. Hold above that and the near-term bias keeps more neutral but break below and it turns more bearish once again.
The pressure showing up in cryptocurrencies has been rather strong in the past few weeks, prompting some concerns. It's not the first time that we have seen this sort of flush cycle in cryptocurrencies but the drop since peaking in October last year has been a painful one for the HODLers.
The past three weeks alone has observed a decline of over 20% with the fall from the October 2025 peak seen at roughly 45%. All things considered, it's not the worst of episodes for Bitcoin.
In late 2021 to the middle of 2022, the cryptocurrency plunged by over 70% in what looked to be "the end of the road". Yet, here we are today.
But if there's any debate about Bitcoin replacing gold as the number one market hedge preference for all things, that argument is clearly settled now in the last six months.
Circling back to Bitcoin price action above, it's all about the key near-term level highlighted. A firm break below that frees up space for another potential drop back to $60,000. That especially on a break under some minor support at $68,000 currently. And for this week itself, a barrage of US economic data releases might act as the trigger. So, watch out for that.
