Bitcoin's price has initiated a fresh decline, sinking below the $68,500 and $68,000 support levels. As of the latest data, BTC is trading below $68,000 and the 100-hour simple moving average, consolidating near a low of $65,646. A major bullish trend line with support at $68,900 on the hourly BTC/USD chart (data from Kraken) was broken, signaling increased bearish pressure.
Technical analysis indicates immediate resistance is near $67,000, with the first key resistance at $67,600—the 23.6% Fibonacci retracement level of the move from the $74,062 swing high to the $65,646 low. A close above $67,600 could pave the way for a test of $68,800. Conversely, failure to rise above the $68,000 resistance zone risks another decline, with immediate support at $65,500 and major support at $65,000. A break below $65,000 could see BTC test $63,500 and potentially $62,000, with a critical main support level at $61,200.
Analyst Michaël van de Poppe's assessment on March 8, 2026, presents a macro view, linking Bitcoin's next move to the performance of gold, silver, and oil. He argues that if capital rotates out of cooling precious metals and back into risk assets, Bitcoin could return to its recent highs within a week. If not, the $60,000 level becomes the critical "line in the sand" for support.
The broader context reveals a challenging period for Bitcoin, which has suffered nearly 15% losses in February and five consecutive months of losses since October 2025. A key issue is Bitcoin's shifting correlation; its 30-day rolling correlation with the S&P 500 was 0.55 as of March 1, indicating it continues to behave more like a risk-on stock than a digital gold hedge. Meanwhile, gold is experiencing an incredible run above $5,000 per ounce, driven by geopolitical tensions and safe-haven demand, drawing capital away from cryptocurrencies.
Despite the bearish backdrop, some positive technical signs remain, including higher lows suggesting the worst of the bear market may be over. Analysts from Bernstein and Standard Chartered maintain a long-term $150,000 target for late 2026. The $60,000 level is deemed critical due to significant on-chain accumulation of over 400,000 BTC between $60K and $70K during recent declines, creating a structural density zone. Furthermore, ETF flows, which shifted from sustained outflows earlier in 2026 to showing signs of stabilization, are seen as a key institutional trigger point for future price direction.
