Bitcoin Price On Edge: A Close Below $66K Could Trigger Major Correction

Analysts are sounding the alarm as Bitcoin teeters on the brink of a critical breakdown. A decisive close below the $66,000 support level could catalyze a swift 10% correction, according to technical assessments revealing a bear flag pattern forming on BTC charts. The flagship cryptocurrency is experiencing heightened volatility this week, pressured by multiple market forces that threaten to push prices lower.

Bitcoin Bear Flag Narrative

Per analyst Ted on X, the Bitcoin price seems to be printing a new bear flag on its chart. This development is signaling that the asset may undergo another plunge, provided it fails to protect the $66K support.

$BTC has formed another bear flag.

A daily close below the $66,000 level could push Bitcoin to new lows. pic.twitter.com/2qUBoYtxTq

Ted had earlier shared a similar tweet, stating how Bitcoin’s $69K to $70K levels are critical for its support. A downside below such levels may trigger a new bearish momentum, which may end up pushing BTC to encounter new price lows. At press time, the asset is sitting at $68K, setting in risks for a further downside. Moreover, Ted stated the reason for this rapid BTC price decay, adding how institutional selling with Bitcoin momentum fading gradually can be one of many reasons for its latest price fall.

$BTC has dropped below the $70,000 level.

Institutions have started selling Bitcoin, and the momentum is fading too.

If BTC loses the $69,000-$70,000 zone, the downtrend will accelerate. pic.twitter.com/3cDRxpTVK2

Bitcoin’s Future: A Technical Perspective

According to CoinCodex BTC stats, Bitcoin may largely recover soon once the momentum starts to turn bullish. Per the portal, Bitcoin’s price may surge to sit at a new high of $177K by 2030.