The Bitcoin daily chart is indeed at a high-stakes junction. After hitting a high of $74,000 earlier this month, BTC has been compressing into a range, currently hovering right around the $70,000 psychological level.Here is a quick technical breakdown of the current setup:The Technical SetupThe Trendline: We are seeing a conflict between a medium-term descending trendline (from the October 2025 highs near $126k) and a short-term ascending channel. The price is currently "coiling" around the 20-day and 50-day EMAs (~$70,300–$70,700).Support/Resistance:Immediate Support: $68,600 – $68,200 (Daily Pivot). A break here likely opens the door to the $63,000 zone.Immediate Resistance: $71,650 and $72,800.The "X-Factor": A massive $14B - $17B Bitcoin options expiry is looming for tomorrow (Friday, March 27). This often acts as a magnet for price action, leading to "max pain" pin-seeking or explosive volatility once the hedges are released.What to Watch ForThe RSI is sitting neutral near 39–45, suggesting the market isn't overbought yet, but momentum is leaning slightly bearish. If we get a daily close below $68,000, the "break" you’re spotting could trigger a cascade of long liquidations. Conversely, reclaiming $72,000 with volume would invalidate the bearish bias.Since you've been working on those session highlighters and volume markers, keep a close eye on the US S&P Services PMI data coming out shortly—it might be the catalyst that forces the trendline break.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.