BTC enters key $70K-$74.6K range, break lower could deepen decline

BTC has entered a key range that could determine its next price direction, according to an analysis by on-chain analyst Darkfost. Darkfost said BTC has reached the 0.382 Fibonacci retracement level in what Elliott Wave theory identifies as corrective wave two, at around $74,600, and could fall as low as $71,000 if the decline extends. The relative strength index was nearing 30, a commonly watched oversold threshold, while BTC was on track to close below its 200-day moving average for a fourth straight session. Darkfost added that the 200-week moving average was approaching $70,000 and aligning with the 0.5 Fibonacci retracement level, which could make that price zone a major support area. The next few weeks are likely to be a critical turning point, and a break below that range could intensify the downtrend.