BTC/USD Daily Chart: Technical Analysis of Bitcoin Daily Bitcoin Chart.

$BTC Turning our attention to the chart, Bitcoin is falling by more than -3% on the day, remaining within its bearish channel. More importantly, the cryptocurrency is on track to close below its 100-day moving average for the first time since mid-April, $BTC marking its lowest level in ten weeks. For beleaguered bulls looking for signs of a$BTC turnaround, the pickings are slim. While Bitcoin is nearing the bottom of its channel, the near-term bias will remain to the downside as long as it remains below the 100-day MA around $74K. The fact that the 14-day RSI is not yet in oversold territory despite the recent selloff suggests that we have not yet experienced the kind of extreme selling climax that is more likely to mark a bottom. The next significant support level on the downside doesn't appear until the lows near $66K in March and April, indicating that the path of least resistance is still down.