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Bitcoin extends drop

Bearish momentum is building for BTCUSD, now down for the sixth week. The most important level is the $75,000 low formed on 15 September, which preceded the last rally that failed to hold above $85,000. Since then, Bitcoin has carved out a series of lower lows and lower highs, raising the risk of a sharp drop to fill the void left by that rally. That puts $70,000 in focus, ahead of the breakout's point of origin around $67,000 and its base at $65,000. For the bulls, a quick recovery back above $75,000 is needed. Unless that happens fairly quickly, the risks remain tilted to the downside.