Bitcoin surged roughly 6% yesterday, but today the tone has shifted. The price is currently down about -1.75%, giving back a portion of those gains as sellers lean against key resistance.
The turning point came right where it mattered.
On the hourly chart, yesterday’s rally stalled at the February 16 high, a clear resistance level. The failure to break above that prior peak signaled exhaustion at the highs and gave sellers the green light to step back in.
Adding to the bearish tilt:
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The topside trendline was broken
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That same trendline has now reestablished itself as resistance
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The last several hours have seen steady downside pressure
Technically, the decline has pushed price down toward a major support cluster:
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200-hour MA near $66,720
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100-hour MA near $65,968
Those moving averages now define the short-term battleground.
If buyers defend this zone, the pullback remains corrective within a broader rebound.
If price breaks and holds below the 100-hour MA, momentum could accelerate to the downside, and yesterday’s breakout traders may begin to unwind positions more aggressively.
Bottom line:
Resistance held
