22:04 UTC
Downtrend, selloff accelerating · RSI 31 · price 71,421.35
Lower highs and lower lows since the early-October double top near 87,000.
BTC has been in a downtrend since the double top at 87,273 and 87,058 in late September and early October. Lower highs followed at 84,800, 81,900 and 81,100, and price now sits below a falling EMA(20) at 76,742 and EMA(50) at 78,513. This week's leg took price to a 71,165 swing low after Tuesday's hot core CPI, with persistent spot ETF outflows and risk-off tech sentiment adding weight. ATR has expanded to about $2,316 as the decline gathered pace. RSI at 31.1 sits just above oversold, and the 70,000 psych level is the next reference below.
Support: 71,165.63, 70,000.00, 68,856.17
Resistance: 72,630.01, 76,742.36, 78,513.07
What it said to watch
- A daily close below the 70,000 psych level would extend the lower-low chain toward the 68,856 aug pivot.
- A reclaim of the 72,630 prior low would mark the first stall in this week's leg.
- A daily close back above the ema20 and the lower highs trendline would challenge the downtrend read. The ema50 sits near the 38.2–50% retracement of the 87,273–71,166 decline.
- RSI below 30 would register a genuine D1 oversold reading for the first time in this decline.
- US PPI Fri 13:30 UTC and Fed's Williams tonight at 23:30 UTC could materially shift this read after the hot CPI.