Bitcoin is trading at $67,000, approaching its key support level after nearly erasing its earlier weekly recovery. Technical indicators show concerning signs with the Relative Strength Index (RSI) reading 33 on the weekly chart, below the neutral level of 50 and near oversold territory, indicating persistent bearish momentum. The Moving Average Convergence Divergence (MACD) indicator showed a bearish crossover in mid-August which remains intact.
On the daily chart, near-term bias is mildly bearish as price holds within a parallel channel and gravitates toward its lower boundary near $65,900. BTC trades below the clustered 50-day, 100-day, and 200-day EMAs, reinforcing a downside-skewed backdrop. Immediate support is near $65,900, with a breakdown potentially exposing the key psychological level at $60,000. Initial resistance emerges near $69,200, with the channel top at $72,600 being a critical level to watch.
Geopolitical tensions from the Iran war and emerging quantum computing threats continue to weigh on market sentiment, creating additional headwinds for Bitcoin's price action.
