Bitcoin is approaching a critical technical inflection point on the daily chart as bearish momentum continues to dominate the short-term structure. The price is trading below both the 9-day and 20-day EMAs, with the faster average crossing beneath the slower one—a classic signal that sellers are still in control.
Momentum indicators reinforce this narrative. The MACD remains firmly in negative territory, with expanding bearish pressure suggesting that the downtrend has not fully exhausted itself. At the same time, the RSI has slipped into deeply oversold levels, indicating that the market is historically stretched to the downside.
This combination creates a high-stakes technical standoff. Oversold conditions often precede relief rallies, but they do not guarantee an immediate reversal—especially when the broader trend remains bearish.
Order-book data shows that the key battleground is forming around the $69,000 region. Strong bid liquidity is attempting to hold the price above critical support, while nearby sell walls continue to cap any upside attempts. If this support zone fails, the lack of strong buy interest below could accelerate the decline. On the other hand, a successful defense could trigger a short-term bounce toward higher resistance levels.
For now, the technical picture suggests a market caught between extreme bearish momentum and early signs of exhaustion, with the next decisive move likely to come from how the price reacts around the key support zone.
