On Wednesday, Bitcoin quickly fell back after hitting a new all-time high, with a drop of 7%, reaching the highest point at $68,999.99. The total market value of cryptocurrencies fell below 3 trillion U.S. dollars. Kazakhstan will not restrict legal crypto mining electricity. The Bank of Spain is required to disclose its digital currency plans for the next three years.
From a technical perspective, the daily graph closed bearish and formed bearish engulfing pattern. There were many investors who sold their position on the high price to gain profit. On H4 graph, bitcoin broke through the key support at 66000. MA formed Death Cross. RSI showed bearish sign. Overall, prioritise Sell. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 66000.
Resistance：66000-66800-68500
Support：63800-62800-60000
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