CandleFocus Bitcoin Drops Below 200-Day MA – Next Key Support Lies At $66K According To Mayer Multiple
2025-03-12
Author: Content Editor
The price of Bitcoin is facing significant selling pressure and has dropped to its lowest levels since November 2024. Negative macroeconomic conditions and a shift in risk-off sentiment have weighed down the entire crypto market. The volatility and instability caused by U.S. President Trump's policies, including rising global trade war fears, have further rattled investors. If the current sell-off continues, Bitcoin could test the next key support level at $66,000. Traders and investors are closely watching to see if Bitcoin can stabilize and reclaim key levels or if further downside is ahead. The market remains under bearish control, and BTC is trading below the 200-day moving average, a key technical indicator. Bulls will need to reclaim the 200-day MA at $83,500 to reverse the downward trend. If BTC fails to regain momentum, fear and uncertainty will continue to drive prices lower. Bitcoin is currently trading at $81,700, and if it drops below the $80,000–$78,000 range, a decline towards the next major support levels at $75,000–$72,000 is likely. The next few trading sessions will be critical for Bitcoin's market structure.
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