Bitcoin is falling almost vertically toward $65,000 after losing several support levels, including $70,000 and its 100-day and 200-day moving averages, located near $78,000 and $73,000. On the intraday chart, BTC has been trading in a descending channel since its rejection from the $86,000-$87,000 zone in late September, and the short-term structure remains bearish until it reclaims $70,000. The $63,000 area is the next demand zone, while a daily close below $60,000 would erase the recovery of the past five months. CryptoQuant’s aSOPR indicator has fallen to around 0.995, indicating that recent holders are selling at a loss, a condition that has often preceded market bottoms. A sustained move back above 1, combined with a reclaim of $70,000, would provide stronger evidence that selling pressure is easing.
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