Bitcoin Price Plunges: Bears Take Control as Wedge Pattern Breaks Down

The Bitcoin price appears to be heading lower as it breaks out below the bottom trendline of a wedge pattern.

This development has led some traders to wonder if the bulls can stop the decline or if the price will sink to $76K, $73K, or even $69K.

Moving into the daily time frame, it becomes clear that this breakdown is genuine. The new daily candle has opened below the bottom trendline of the pennant.

The Bitcoin price looks set to go lower, with support at $76K, a 10% correction target at $73K, and a deeper target at $69K-$70K, which ties in with the 0.618 Fibonacci level and the 200-day SMA.