Bitcoin falls below psychological 70K support and hits the lowest in almost three months

BTCUSD fell over 5% on Friday, in extension of steep two-day drop (down around 9%) and hit the lowest in nearly three months.

Fresh acceleration lower broke several key supports (200DMA / 50% and 61.8% of 57673/87385 and psychological 70K level) generating strong bearish signals.

Bitcoin came under increased pressure in post-mid-term election period, as Democrats signaled tougher control of crypto market, with higher US yields and risk aversion in tech stocks, adding to negative picture.

Firmly bearish daily studies (strong negative momentum / the latest formation of 20/100DMA bear-cross) suggest that the price has room for further easing, with targets seen at 67K and 65K zone.

However, bears nay take a breather after strong losses, as oversold RSI started to produce headwinds (tail is developing on Friday’s daily candle.

Broken 70K marks initial resistance with extended upticks to be capped under broken 200DMA (73K) to keep bears in play and offer better levels to re-enter bearish market.

Res: 70000; 71530; 72530; 73050
Sup: 67490; 66900; 65700; 65000