Recent data shows Bitcoin price faced strong selling pressure near the key resistance level of 68,000 USD, subsequently dropping below the important psychological threshold of 70,000 USD with fading momentum. According to TradingView statistics, BTC/USD fell over 1% in the past 24 hours, after briefly touching 70,040 USD, which coincides with both the 200-week exponential moving average (EMA) and the previous all-time high from 2021.
Prominent market analysts noted that the 200-week EMA, once a major support level, has now transformed into a resistance zone. If prices continue to remain below this level, historical patterns suggest potential for further downside movement. Notably, the liquidity pools beneath 69,000 USD have been gradually consumed, causing the recent rally - which briefly tested previous cycle highs and the 12-hour trend line - to quickly reverse into profit-taking.
From a cyclical perspective, the shortest Bitcoin bear markets in history typically last around 365 days, while the current correction phase has only been running for approximately 140 days, indicating the market hasn't entered a reversal phase yet. Historically, bear markets average around 80% drawdowns, while this cycle's maximum pullback from the October 2025 peak of 126,200 USD to February's low was only about 53%, suggesting technical adjustments still need more time to complete.
Market participants should remain cautious about short-term volatility risks, as the current trend remains dominated by bears. Prudent trading with position control is advisable until the price demonstrates a sustainable break above the 200-week EMA. Investors should closely monitor liquidity changes and key support/resistance level penetrations to formulate more reasonable trading strategies.