Bitcoin has finally broken below the $84,000 support line. Last week saw a 13% decline, marking a week where the bears firmly took control. The price has now dropped to around $66,900, and it’s interesting to see what will happen from here.

This week’s key points are to watch whether the $75,600 level can serve as support. If this level is broken, the next important support zone will be between $72,000 and $68,000. This area experienced heavy trading during the sideways market in 2024, so many bullish traders are hopeful for a rebound from here. Conversely, if the price falls below $68,000, it could open the door to the Fibonacci level at $58,000.

On the resistance side, $79,000 and $81,000 are likely to be the immediate hurdles. The RSI is in oversold territory, so there might be a small short-term rebound, but I believe surpassing $79,000 will be difficult. $84,000 will likely become a strong resistance line moving forward.

Honestly, we are in the midst of a bearish market. Losing the 100-week SMA is a sign of long-term weakness. The focus now is whether the bottom is around $68,000 to $60,000 volume zone. It’s prudent not to expect too much from a short-term rebound and to wait and see cautiously.