$BTC Is ready to Decline to 70,000$ tonight.
If Bitcoin declines tonight, here are the potential support levels and scenarios:
1. Immediate Support Level: Around $73,000. This level has shown recent support and aligns closely with the 7-period EMA, so a decline here could lead to a potential rebound.
2. Stronger Support Levels: If BTC breaks below $73,000, it may head toward the 25-period EMA around $71,987, which could act as a stronger support zone. If this level doesn’t hold, the next target could be near $69,600 (close to the 99-period EMA).
3. Indicators of Bearish Momentum:
Stochastic RSI and RSI are near overbought levels, suggesting a possibility of a short-term decline.
A drop below the 7 EMA ($74,469) and sustained low volume could confirm a further bearish trend.
Likely Downside Range for Tonight:
If BTC fails to hold above $73,000, it could drop towards $71,987.
If selling pressure increases, a further drop toward $69,600 is possible, though this would require significant bearish momentum.
Watching BTC’s behavior near the $73,000 support and volume trends will give a better indication of whether it may see a more substantial decline tonight.
