Losing this level will see BTC drop toward the 200-day EMA at $64,247, which could be the last line of defense for the pioneer cryptocurrency. This would represent a 3% drop from the current price.This pessimistic outlook is supported by the downward trending RSI whose value at 43 suggests that the market conditions still favour the downside. Moreover, BTC is moving below all the major moving averages, adding to the sell-side pressure.
On the upside, if Bitcoin bulls successfully defend the support at $65,000, they will be bolstered to send the price higher, past the 50-day and 100-day EMAs toward the $70,000 psychological level.
Higher than that, the next logical move would be the $72,000 resistance level and, later, the all-time high at $73,835.
