Bitcoin price breaks through multiple support levels towards $65.000

The Bitcoin koers is technically in a poor position. After a decline of 4.6% in the past 24 hours, Bitcoin is currently trading around $69.400, and analyst @alicharts warns that several crucial support levels are now crumbling. According to him, the chances of further price declines towards $65.000 increase significantly.

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Three support levels broken simultaneously

What makes the situation worrying is that Bitcoin is breaking not one but three technical levels at the same time. First, the price loses the lower boundary of the ascending channel that had been acting as support for months. Additionally, Bitcoin drops through the 100-day SMA, a widely used indicator that institutional investors monitor closely.

The third and perhaps most notable level is the 0.5 Fibonacci retracement level around $71.300. This level had long been considered a solid floor. Now that this level is also giving way, @alicharts states that the chance of further downside acceleration increases significantly. As the next support, he points to $65.230, and then even $59.789 as a possible destination.

Bearish sentiment reinforced by market conditions

The technical analysis by @alicharts fits into a broader trend of negative sentiment around Bitcoin. For instance, $759 million in crypto positions are already disappearing as Bitcoin dips below $70.000, and the Bitcoin ETF outflow in May shows a negative balance for 2026. Earlier, Strategy also reported selling Bitcoin for the first time since 2022, further damaging confidence in the market.

However, not everyone is equally pessimistic. Michaël van de Poppe previously stated that the Bitcoin price is ready for a reversal after a sweep of liquidity. The coming days will therefore be decisive: will Bitcoin hold $68.589 as support, or will there be a further decline to the levels indicated by @alicharts?