Bitcoin has broken below a critical support level that held since February 2026, now trading at $64,664 after losing the $65,261 range floor on Monday, July 20. The cryptocurrency has remained stuck below $65,000 for multiple sessions, with that former support zone now acting as resistance and capping every recovery attempt.
Technical indicators are flashing red as the 50-day exponential moving average sits at $65,019, converging with the broken range floor to create a reinforced resistance shelf. The 200-day EMA remains distant at $74,047, confirming the longer-term downtrend stays intact. Multiple timeframe analyses now point toward a potential decline to the $44,000-$45,000 zone, representing a roughly 30% drop from current levels. Fibonacci extensions and prior range analysis all converge on this target area.
Immediate downside risks include a retest of February’s $62,402 low, followed by the $58,099-$59,192 support band established in June and July.
FXnCO Insight
Traders should watch for daily closes above $65,261 to confirm support recapture; otherwise, position for further downside toward the $58,000 and $44,000 targets.
Source: Finance Magnates