Bitcoin lost a key price support today, and one analyst says liquidity conditions forecast another BTC price drop to $72,000.
After a positive start to the week, Bitcoin price reverted to negative returns after BTC (BTC) dropped 3.5% to an intraday low of $84,120 on March 28. The price rejection occurred at the cusp of the descending trendline (black) and the upper range of the ascending channel pattern.
Bitcoin 1-day chart. Source: Cointelegraph/TradingView
On the daily chart, BTC is currently below the 200-day exponential moving average (EMA) again, and a potential close below the key indicator might trigger further downside.
