$BTC Weekly Update: Extreme Fear, But Key Support Still Intact?

Bitcoin starts the week just under $70K, trading around $68.5K after closing last week at roughly $68.8K.

Importantly, price remains well above the feared $60K breakdown level — but it has yet to reclaim clear bullish momentum.

Meanwhile, the Fear & Greed Index sits at 12 (Extreme Fear). Sentiment remains deeply shaken following the 50%+ correction from the $126K highs.

Technical Snapshot (Daily)

The signals are still leaning bearish:

• Strong sell bias: 13 sell signals from oscillators. RSI at 36 suggests weak momentum, while broader momentum indicators remain negative. Only MACD shows a slight early buy hint.

• Moving averages: Price is trading below key EMAs and SMAs (EMA20 near $73K, EMA200 around $93K). The broader structure still reflects “death cross” conditions.

• Support zone: BTC is hovering near the $68K–$70K cluster, close to S1 support. Hull MA around $69K is acting as a short-term floor.

• Trend strength: ADX at 56 confirms a strong prevailing downtrend — no confirmed reversal yet.

What’s Next?

If BTC holds the $68K–$70K region, we could see a choppy relief bounce toward $72K resistance.

A breakdown below this cluster, however, opens the door to the $61K–$65K zone, aligning with S2 and key Fibonacci levels.

Extreme fear has historically preceded major bottoms — but for that narrative to hold, volume and conviction need to return.

For now, structure remains fragile. Watch support closely.

Not financial advice. Always DYOR.

#BTCFellBelow$69,000Again