Bitcoin has pulled back sharply to a critical confluence zone around $70,000–$71,000, a level that stacks the all-time-high throwback trend line, a higher-low Fibonacci retracement, and the channel lower bound all in one area. The 20-day and 50-day moving averages have already failed as support, and the 200-day moving average — which capped the April rally — is now acting as overhead resistance rather than a floor.
If this confluence zone fails to hold, the next meaningful support sits in the $64,000–$68,000 macro fail-safe range, with the 200-week moving average and the February capitulation low converging near $61,000. The altcoin market cap is simultaneously testing a range support around $900 billion–$936 billion that was flagged weeks in advance.
CoinTelegraph
WuBlockchain
WatcherGuru
TheBlock