Bitcoin: Bear Flag Breakdown Eyes $62,000 Test
Bitcoin breaks down on second bear flag with $BTC targeting 200-week MA near $62,000; 4h RSI at 22.01 signals oversold conditions at $70143.
SourceAnalysis
Bitcoin has officially broken down after the second bear flag completed, echoing the prior 30% drop that followed the same pattern.
History shows every major BTC bear market tested the 200-week moving average, currently near $62,000, marking cycle bottoms amid boredom and seller exhaustion. A worst-case channel breach points to $50,000, yet the 200-week MA remains the higher-probability healthy retracement level.
Price action on the 4h chart shows BTC at $70143.14 testing the lower Bollinger Band support at $70495.1 while the EMA50 at $73972.26 and EMA200 at $76244.52 act as overhead resistance in a confirmed bearish structure; the RSI(14) at 22.01 flashes deep oversold readings and the MACD death cross at -918.48 reinforces downside momentum, suggesting any bounce may stall before retesting the $62,000 zone that aligns with the 200-week MA.
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