Bitcoin broke below $75,000 at the time of writing, currently trading at $74,937, down 2.5% on the day. The daily candle is printing its lowest close of the current correction with volume at 7.86K — not extreme but enough to confirm the move is real rather than a thin-market fake-out.
After dropping to $75,500 earlier today, the 0.382 Fibonacci level at $76,014 was tested as support earlier today has now been lost. Price is currently sitting in open space between that level and the next meaningful floor.
What’s below current price
The first level to watch is around $74,300, where price found support on May 23 and briefly stopped the drop before recovering. That level showed buyers once already – whether they show up again is the question the next few hours will answer.
If $74,300 doesn’t hold, the next visible support on the chart is the 0.5 Fibonacci level at $73,914. That level also has the SMA100 at $72,929 rising below it as an additional floor if things extend further. Between current price and $73,914 there’s not much structure to slow the move down.
The bigger picture
All three moving averages remain above current price – SMA50 at $77,161, SMA100 at $72,929, SMA200 at $80,164. The SMA50 and SMA200 are both declining while the SMA100 is the only one curling upward from below, now acting as the rising support floor underneath the Fibonacci levels.
RSI at 39.64 is approaching oversold territory with the signal line at 46.91, meaning RSI is running well below signal – momentum is firmly bearish with no sign of reversal yet.
Until buyers step in at either $74,300 or $73,914 and produce a meaningful recovery candle, the path of least resistance stays downward.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem.
His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.