If Bitcoin fails to break through its current resistance line, analysts warn it could fall to the $70,000 support zone.

This downturn follows a robust uptrend that began from $67,000 in late 2024, culminating in a peak of $108,000 in December 2024, representing a 61% gain.

Bitcoin's price has seen a significant decline from its peak of over $109,000 in January 2025, currently trading around $86,000.

A descending trendline has formed since the January peak, indicating a bearish setup characterized by lower highs.

The analysis indicates that Bitcoin has entered a Bearish Phase D, marked by Last Points of Supply (LPSY) and a significant Selling Off Wave (SOW).

The Wyckoff Method, which analyzes market cycles through supply and demand, suggests an impending correction for Bitcoin as it currently appears bearish.

Despite a recent drop of 1.42% in the last 24 hours, Bitcoin has managed to show a 2% gain over the past week.

This projection aligns with a Wyckoff analysis by HTL-NL, which suggests a potential drop to $70,000.

In mid-March, Bitcoin formed a rising wedge pattern during a recovery attempt, further indicating continued bearish momentum.

The Stochastic Relative Strength Index (Stoch RSI) is showing signs of weakening short-term momentum, hinting at an imminent price pullback.

Adding to the bearish sentiment, analyst Benjamin Cowen pointed out a potential death cross on Bitcoin's daily chart, which often signals local lows.

Veteran trader Peter Brandt concurs with the bearish outlook, deeming it a logical expectation given the current market conditions.