Bitcoin Facing Final Downward Leg? Key Technical Warnings Emerge

Bitcoin has shown signs of weakness on both the weekly and four-hour charts recently, with multiple technical analyses suggesting the market may be entering the final stage of a downturn. According to a chart analysis posted on X by crypto analyst Titan of Crypto, Bitcoin has encountered significant resistance at a key market structure level, with the price falling back below a level that previously served as support but has now turned into resistance. This area is around $70,000, which previously acted as a support level for a temporary high point but is now a crucial defense line suppressing price increases.

A historical cycle comparison reveals a high degree of similarity between the current trend and the pattern after the previous bull market peaked: the price created a new high but momentum weakened, failing to regain the 38.2% Fibonacci retracement level and eventually breaking through an important structural range. If Bitcoin cannot effectively recover this level, the market is still likely to continue downward pressure, lacking short-term reversal signals.

Meanwhile, another analyst, Matthew Dixon, interpreted the four-hour chart based on Elliott Wave theory, believing that Bitcoin has completed the fourth wave correction and may now be starting the fifth and final downward wave. The price failed to break through after testing the upper edge of the recent range, then turned downwards, consistent with the characteristics of the last wave in a typical five-wave decline structure. This wave is expected to be further subdivided into five sub-waves, further exacerbating the downward momentum. In terms of technical indicators, the RSI has clearly fallen back after a rebound, indicating that bullish momentum is exhausted and there is a lack of sustained upward momentum in the short term. If the price breaks through the recent support zone, it may trigger more stop-loss orders, accelerating the downward trend. The current core focus of the market is whether it can return to the $70,000 structural area; if this cannot be achieved, the downside space will be further opened up.