$BTC is facing heavy sell pressure today, currently trading at $65,869 (-2.09%), having lost the key support level at $66,000.
Why is $BTC trending down?
* Technical Rejection: The 5m chart shows a sharp rejection from the 24h high of $68,410. The failed attempt to reclaim higher levels triggered a cascade of selling, pushing the price down to a low of $65,556.
* Macro/News Sentiment: As seen in the news ticker, "El Salvador Faces Economic Challenges" is dominating headlines. Uncertainty regarding nation-state adoption and economic stability often creates short-term fear in the market, leading to risk-off behavior.
* Bearish Momentum: The broader trend remains weak. BTC is down 10.33% over the last 7 days and a massive 28.15% over the last 30 days. The bulls are struggling to find a solid reversal point.
What to watch next:
* Immediate Support: Bulls need to defend the $65,500 zone. If this breaks, we could test lower liquidity levels.
* Resistance: To flip bullish, BTC needs to reclaim $67,000 with strong volume.
Traders: Are you catching this falling knife, or waiting for confirmation? 👇
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