BTC is testing the S2 pivot at 68.6k. If this breaks, we could see a fast drop towards the next support level. RSI is oversold but that doesn't mean much in a strong downtrend.
Hey @RohanG43, I hear your concern about BTC testing that S2 pivot around 68.6k. It's definitely a critical level. From my side, I'm looking at the chart and while the RSI might be dipping, the volume hasn't shown a serious surge on those down moves, which is somewhat encouraging. It means sellers aren't exactly overwhelming the market yet. I'm also watching the 50 SMA, which is sitting just a bit above the current price, acting as dynamic resistance. If we can hold above the S2, or even better, bounce off it and clear the P pivot at 71469, I think we could see a recovery. The geopolitical news about oil prices and potential economic shifts could be a double-edged sword, causing volatility but also potentially shifting capital into assets like BTC if traditional markets get shaky. I'm leaning slightly bullish if we can solidify support above 70k again.