Bitcoin (BTC) has fallen 6.5% from its recent high above $82,000, as a bearish technical structure, weakening demand, and increasing sell pressure now point to the risk of further losses ahead.
Key takeaways:
BTC price risks a drop toward $72,000 as bearish momentum strengthens on higher time frames.Binance BTC inflows tripled in under two weeks, signaling rising sell pressure and weaker investor confidence in the market.Bitcoin’s apparent demand fell to 2026 lows, raising risks of deeper losses if spot demand fails to recover in the coming weeks.
Bitcoin bears eye BTC price drop to $72,000
Bitcoin’s failure to hold above key support levels suggested buyers were unable to sustain the upward momentum.
“$BTC has officially lost the 100 & 50d EMA,” analyst CryptoJelleNL said in a recent post on X, adding:
“The local market structure is back to bearish.”
“Bitcoin lost its bullish impulse exactly when macro sharply deteriorated,” fellow analyst Axel Adler Jr said in a Sunday X post, adding:
“The market looks risk-off, and every BTC bounce remains unconfirmed.”
The rejection at $82,000 coincided with the upper trend line of an ascending parallel channel, which has capped BTC’s price action since early February.
The chart below shows that every time the price has been rejected from this trend line, it has lost between 11%-14% of its value, dropping toward the lower support trend line.
If this price behaviour continues, Bitcoin will fall toward the lower boundary of the channel at $72,000, which is 13% below the upper boundary and a 7% drop from the current price.
BTC/USD daily chart. Source: Cointelegraph/TradingView
Meanwhile, the relative strength index has dropped to 48 from near overbought conditions at 69 on May 6, suggesting increasing downward momentum.
“Bitcoin briefly dipped as low as $74.1K, sweeping the May VCPR liquidity zone before seeing a quick reaction,” trader and analyst Anup Dhungana said in his latest analysis on X, adding:
“Losing this support area could send $BTC swiftly back toward the $70K region, while holding it keeps the door open for another recovery attempt.”
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