Bitcoin just wrapped up the week with a close at $67,638, and to be honest, it wasn’t impressive. For the past few weeks, the $65,650 support level had been acting as a safety net. But constant selling pressure has finally pushed price below that zone, with Bitcoin now trading around $64,600 at the time of writing.
This shift changes the short-term outlook significantly.
The Bigger Picture
When a key support level gets tested multiple times, it weakens. That’s exactly what happened here. Buyers tried to defend $65,650 repeatedly, but the pressure from sellers became too strong. Now that price is trading below it, that former support is at risk of turning into resistance.
If Bitcoin cannot quickly reclaim this level with a strong close above it, the path of least resistance appears downward.
Key Levels to Watch
$63,000 – This is shaping up as the next immediate line of defense for bulls. Losing this level increases downside momentum.
$60,000 – A psychological and structural level. A break below this could accelerate fear in the market.
$57,800 – A weekly close below here opens the door to deeper downside.
$53,000 – Possible short-term stabilization area if selling intensifies.
$42,000 – $44,000 – Major long-term support zone if things turn very bearish.
On the upside, if buyers somehow regain control:
$67,000 would need to flip back into strong support.
$72,000 remains a major resistance barrier.
A break above $74,500 and then $79,000 would signal renewed bullish strength.
Right now, though, upside levels feel distant.
Indicators Are Turning Bearish
Momentum indicators are not offering much comfort:
RSI has dropped below its 13-period moving average — a bearish signal.
MACD looks close to a bearish cross below the zero line, which typically signals more downside pressure.
Weekly oscillators remain in bearish territory with no clear sign of reversal.
The Momentum Reversal Indicator (MRI) is also flashing caution, suggesting that several more weeks of downward pressure could follow unless there’s an unexpected strong breakout above $77,000 — which seems unlikely at this stage.
Market Mood: Very Bearish
The overall sentiment is heavy. Bulls failed to build momentum after bouncing from $60,000 a few weeks ago. Instead of continuation to the upside, we’re seeing exhaustion.
Unless Bitcoin quickly reclaims lost ground, the market may be preparing for a deeper correction.
For traders, this is a week to stay alert. For long-term holders, this may test conviction. For everyone, volatility is almost guaranteed.
Strap in — the next few weeks could be critical for Bitcoin’s direction.
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