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Bitcoin (BTC) has reached a critical crossroads that could determine the market’s direction, as it faces a strong resistance wall just ahead of the $70,000 mark.
According to cryptocurrency media outlet NewsBTC on March 2 (local time), Bitcoin established support around $63,500 and managed a temporary rebound, but encountered heavy selling pressure near the $68,000 level. The price surged to as high as $68,180, briefly breaking above the $67,000 resistance line, but soon surrendered part of its gains and turned downward again. Currently, Bitcoin is trading below both the $67,000 level and the 100-hour simple moving average, continuing an unstable trend.
From a technical analysis perspective, slipping below the 50% Fibonacci retracement level is increasing short-term downside risks. A descending trendline formed near $67,000 is acting as a strong resistance level, limiting bullish momentum. The Moving Average Convergence Divergence (MACD) indicator is also losing upward momentum within bullish territory, reflecting a growing wait-and-see sentiment among market participants. For Bitcoin to break above $70,000, it must first overcome the $68,200 barrier.
Whether key support levels can hold is also drawing significant attention. The first major support is currently formed around $65,500, and failure to defend this level could lead to an additional drop toward $65,000, the 61.8% Fibonacci retracement level. If the major supports at $64,000 and $63,000 also collapse, the short-term recovery trend is likely to be completely undermined. Bulls are targeting a rise beyond $70,000 toward $71,200, but bearish momentum remains formidable.
From a broader perspective, Bitcoin continues to face long-term pressure as it remains below Strategy’s realized price of $76,000. After peaking near $120,000, the market has been forming a pattern of progressively lower highs. Caution prevails that until the $75,000 to $80,000 range is reclaimed, any rebound may prove to be merely a temporary correction. The cryptocurrency market is currently holding its breath, awaiting a strong breakout catalyst.
The recent failure to break through resistance is interpreted as a result of reduced internal market liquidity combined with liquidation pressure from speculative positions. If Bitcoin continues to face resistance around $67,000 and fails to surpass $70,000, there is a risk of additional large-scale selling pressure entering the market. Investors are maintaining a conservative approach while closely monitoring whether key support levels break down. As volatility expands in the digital asset market, global investors are keenly watching Bitcoin’s next move.
Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.