I noticed that Bitcoin finished the week at $67,638, and that's far from an impressive result. Support at the $65,650 level, which held for a couple of weeks, seems unable to withstand continuous selling pressure. At the time of writing, the price has already fallen below this level to $64,600, and all signs point to the next serious test at the $60,000 mark.

Technically, the situation looks bleak. Daily oscillators, which a couple of weeks ago gave hope for a reversal, are now clearly bearish. RSI has fallen below the 13 SMA, and MACD is heading toward a bearish crossover. If these signals are confirmed on the daily close, expect further decline.

If the price breaks below $63,000, it will be the last line of defense for the bulls. After that, a drop to $57,800 or even $53,000 is possible. Closing below $57,800 will open a support zone between $42,000 and $44,000 — a potential reversal area. As for resistance levels above, $72,000 remains a serious obstacle, followed by $74,500 and $79,000.

Weekly oscillators are still in the bearish zone with no signs of recovery. The MRI indicator shows a red mark of 6, suggesting several more weeks of bearish movement ahead, unless the price closes above $77,000 this week — but that is highly unlikely. Market sentiment remains very bearish. Bulls have yet to generate momentum after bouncing off $60,000 three weeks ago. The impulse oscillator indicates continued decline. HODL tighter!