⭐ BTC Today's Market Update

Yesterday, Bitcoin broke below the key support level of 72,800 and closed below it this morning, and it can be seen that the daily chart has broken the channel, with the lowest touching 70,650. Market sentiment has clearly weakened.
The area around 70,500 is the second low point of the wedge channel. If it continues to break below here, the decline will accelerate, with the downward target in the dense area of the previous lows at 68,000-65,000. However, if strong support can be found in the 70k-70,500 USD range, there is still a chance for a rebound above 72,000.
The 4-hour chart shows that the price is supported at the lower edge of the descending channel, but the lows are continuously moving lower, and the rebound strength is weak. The MACD has a death cross downward, volume is shrinking, and short-term bearish momentum is dominant.
Resistance above is at 71,800-72,500
Support below is at 70,000-70,500
Strategy: Slightly bearish, but watch out for an oversold rebound at the 70,000 round number. If volume increases and it breaks below 70,000, then look for a further decline to 68,000 USD. $BTC