BTC Loses $70K Grip Again and Faces Heavy Resistance at 10 EMAs

• Bitcoin dropped under major EMAs which flipped red showing a weak price structure
• The price failed to break through resistance levels in multiple daily attempts
• A strong downtrend continues as buyers struggle to reclaim the short-term price zone

Bitcoin faced another sharp rejection as the price dropped beneath a crucial support level, deepening its ongoing downtrend. The daily chart on TradingView, shared by user Mister, reveals a continuous pattern of lower highs and lower lows. The current red daily candle marks a strong bearish move as the asset trades under major exponential moving averages (EMAs).

The chart uses a ribbon of EMAs to highlight the ongoing bearish momentum. These EMAs have shifted from green to red, a technical indication of trend weakness. As Bitcoin attempted several recoveries over recent weeks, sellers consistently pushed the price lower. Consequently, each rally was met with rejection around resistance levels formed by the ribbon.

Moreover, the failure to close above the EMAs signals that Bitcoin remains under strong selling pressure. The chart indicates Bitcoin was unable to reclaim any bullish structure over the past few weeks. As of April 7, the downtrend remains intact with no visible signs of a strong reversal.

Continuous Selling Pressure Below EMAs

The EMAs continue to spread wider as the price moves lower, pointing to weakening momentum. Red candles dominate recent sessions, suggesting the sell-side remains aggressive.

Besides, the current daily structure mirrors previous failed breakout attempts. Bitcoin repeatedly tried to break above the EMA ribbon but failed each time. Each attempt saw price action swiftly rejected back to the downside.

Additionally, the ribbon now acts as dynamic resistance. Every time the price nears these bands, downward pressure intensifies. Hence, without a daily close above this cluster, bullish traction remains unlikely.

Bulls Wait As Patience Is Urged

On X, Mister emphasized that Bitcoin is still getting rejected and highlighted the need for patience. The comment, posted at 7:42 AM UTC, was seen over 32,000 times, reflecting strong market interest.

Significantly, community reactions varied. Some called for calm and quiet accumulation, while others expressed concerns about further drops. Comments ranged from holding long-term positions to accepting market volatility in the short term.

Moreover, others questioned whether this recent move marked a capitulation event. The large red candle triggered debate among market participants about the current cycle status.

Could This Be Bitcoin’s Final Leg Down?

Several key indicators now flash caution, especially the position below all major EMAs. The failure to hold any support area signals continued weakness.

Hence, the broader sentiment leans bearish as sellers continue to dominate. With no bullish structure reclaimed, the price outlook remains uncertain.

Additionally, unless a strong reversal emerges, further downside remains on the table. Community engagement remains active as traders track every move.