Bitcoin has just fallen below $71,000 after briefly rising to $74,000.

That's interesting because the entire rally of the past few days is now being retraced by half.
I'm currently looking at the charts and see that the rejection happened exactly at the Fibonacci levels – specifically at the 61.8% retracement level, where the price usually stalls.
This is a classic pattern that many traders observe.

Analysts say that this isn't really bullish strength, but rather a short squeeze.
The bears had set their stops too close to the market, and when Bitcoin went up, they were simply liquidated.
That also explains why the move was quickly retraced.
Ethereum has fallen back to $2,330, and both Dogecoin and XRP are losing ground this week.
Solana even drops by 2.1%.

The macro environment is quite bleak right now.
The Iran conflict is weighing on the stock markets, the dollar is strengthening, and oil prices are soaring.
These are not conditions that typically support a crypto rally.
$70,000 is now the first support level – if it holds, it could be bullish.
If not, it probably drops to $64,000.
The Fibonacci levels show me that we are at an important technical point here.
Let's see how the weekend unfolds.