Bitcoin Falls 8.5% to $67,640, Testing Its 200-Week Average

Bitcoin (BTC) fell about 8.5% from Thursday into Friday, dropping roughly $6,300 to a low of $67,640 and bringing its 200-week simple moving average (SMA) back into focus.

BTC also moved below $70,000 for the first time since August. The $69,000 level, which marked the top of the 2021 bull market, is another price threshold in focus.

A Fibonacci retracement from a prior advance to the $87,400 high puts its 0.786 level near $68,000, just above Friday’s low. On the daily chart, the Stochastic RSI was near its lower bound, and the relative strength index had dipped below 30. The previous time that index fell below 30 was during the bear market, near Bitcoin’s first low around $60,000.

Earlier large pullbacks on the weekly chart showed no V-shaped recovery. The weekly Stochastic RSI had not reached its lower boundary. The next technical support area lies at $65,750, where horizontal support aligns with the rising bull-market support trendline.