Bitcoin below $70,000 as bull flag fails

Bitcoin is down around 3% in Friday’s session, trading near $68,960 on the supplied IG daily chart. Turmoil surrounding Nvidia and pressure on AI stocks are weighing on risk appetite, with the weakness spilling into cryptocurrency markets.

Bitcoin technical analysis: Bull flag breaks down

The loss of $80,000 and the break below the flag have invalidated the bullish continuation scenario for now. Bitcoin has also fallen below its 100-day exponential moving average. The 34-period RSI is below the 48.5 threshold used in this analysis, reinforcing the weak momentum picture.

The immediate question is whether buyers can stabilise prices around $69,000–$70,000. If this area fails and fresh lows follow, $65,000 becomes the next downside reference, followed by the support zone around $60,000.

Can Bitcoin recover towards $80,000?

An initial bounce is visible, but a bottom has yet to be confirmed. A sustained recovery above $70,000 would be the first step towards stabilisation.

Sharp rebounds remain possible. However, resistance around $74,000 and the 100-day EMA near $77,000–$78,000 stand between current prices and $80,000. Reclaiming those levels would provide stronger evidence that the technical picture is improving.

Bitcoin daily chart: Bull flag breakdown puts $70,000 in focus