Bitcoin extended its selloff over the past two sessions, breaking below multiple technical levels as downside momentum accelerated. On the daily chart, BTC fell from the mid-$84,000 area to about $78,700. That move erased roughly $5,400 in value, equal to a drop of around 6.4% in two days. The decline followed a failed recovery attempt near local resistance, after which sellers regained control and pushed price lower in a sharp continuation move. Bitcoin / U.S. Dollar, 1D (BTCUSD): Source: TradingView Technically, Bitcoin lost its rising support trendline that had held since late December. Once that structure failed, price slid quickly through several horizontal support zones clustered between $86,000 and $82,000. At the same time, BTC moved decisively below the 50-day exponential moving average, which now sits near $90,000 and acts as overhead resistance. Volume expanded during the breakdown, confirming stronger participation on the sell side. That increase suggests forced exits and accelerated deleveraging rather than a slow, low-liquidity drift. The current candle structure shows limited buying response so far, with no clear reversal signal on the daily timeframe. Momentum indicators also weakened. The RSI dropped toward the mid-20s, signaling deeply oversold conditions but not yet confirming a sustained bounce. Historically, such levels can precede short-term relief rallies, yet they do not, by themselves, mark a trend reversal. From a structure perspective, the next visible support zone sits in the low-to-mid $70,000s, aligning with prior consolidation areas and the projected path of the descending channel drawn on the chart. Until price reclaims broken support levels near $82,000–$84,000, the broader bias remains to the downside. Wynn ties BTC downside to the 200 week moving average Meanwhile, in a post on X, James Wynn argued that $68,000 is the “probable” destination for Bitcoin because it aligns with the 200-week moving average, which the chart shows around $68,379. He also said he flagged risk since the $120,000 area and described a return to the “baseline” as a reset. Bitcoin / U.S. Dollar: Source: TradingView / X The chart structure shows Bitcoin rolling over from a prior peak and now sitting below a key overhead level around $96,518. Meanwhile, price is pressing into a lower band that includes support near $80,537, with a broader highlighted demand zone below current price. Wynn also raised the chance of a sharper drop driven by “fear” and “panic,” and he mentioned $50,000 as a possible lower area while saying he does not expect a move below that. That view stays a personal scenario, while the chart’s clearest long-term reference level remains the 200-week average near $68K.
