Bitcoin bear flag at $66,900 as daily MACD hits extreme negative
Bitcoin (BTC) is trading around $66,891–$66,940 and holding just above a broken support area near $66,188 after falling from a March peak near $76,000. On the 4H chart, price is showing a small ascending-channel recovery inside the broader downtrend, which technicians interpret as a potential bear flag.
Momentum is weakening: daily MACD histogram is at -639 (one of the most negative readings in the current cycle). The daily Supertrend sits far above price (around $74,093), reinforcing the bearish regime. A 4H breakdown risk centers on $65,549 (4H Supertrend). If Bitcoin closes below $65,549, the article targets a move toward $63,000–$64,000. Additional downside levels cited include a deeper break under ~$60,490 that could open a path toward ~$54,000.
For bulls, the invalidation level is clear: a confirmed daily close above $68,400 would be the first sign of short-term relief and could support a recovery toward ~$70,000.
Market context adds pressure into the low-liquidity Good Friday window. Around 27,600 BTC options contracts expired April 3 with max pain near $68,000, while price stayed below max pain—making an options-driven rebound harder. The article also notes a recent selloff linked to rising U.S.-Iran tensions, which contributed to over $420M in leveraged liquidations across crypto.
Overall, the technical setup keeps Bitcoin risk tilted to the downside unless key reclaim levels are met quickly.
Bearish
The article’s core message is technical deterioration for Bitcoin: a potential bear flag on the 4H chart combined with an extremely negative daily MACD histogram (-639). In prior similar setups, markets often see shallow, short-lived rebounds inside a larger downtrend before the next leg lower—especially when the trend filter (daily Supertrend far above price) still points bearish.
Key trading levels reinforce this. A break and failure below $65,549 likely accelerates toward $63,000–$64,000, while $68,400 is the first meaningful invalidation (daily close) for bulls. Options positioning also leans against a quick upside bounce: BTC remained below max pain (~$68,000) after expiry, which historically reduces the probability of a near-term mean-reversion rally.
Short-term, traders may tighten stops around $65.5k–$68.4k as liquidity thins over Good Friday. Long-term, if Bitcoin cannot reclaim the mid-range resistance (around $69k–$70k from 50D/200D SMA areas), bearish momentum can persist. Conversely, sustained daily closes above $68,400 would shift the probability toward a relief rally and potentially repair trend structure.