Bitcoin Tests $69,106 Fibonacci Support as Weekly Selling Persists

Bitcoin has fallen to the 0.618 Fibonacci retracement at $69,106, the first major weekly support below its $87,396 high, according to an analysis by TradingView author DukesMarketAnalysis. The decline has been aggressive and uninterrupted. The latest weekly candle extended the drop, and price now trades beneath sharply declining 21/8-week EMAs, which the analyst says reinforces an increasingly bearish structure.

The retracement level matters because of where it sits. Bitcoin recovered from a June low of $57,800, and the 0.618 Fibonacci level at $69,106 marks a key measurement of that recovery move. This is an area where buyers may attempt to slow the decline, the analyst wrote.

What happens if $69,106 fails?

The next buffer sits just below. The $67,000–$66,000 zone previously acted as resistance before what the analysis calls August's bullish change of character — a technical shift that turned the market higher. Old resistance often becomes support when price returns to it, and this zone is the market's second line of defense.

Below that, the analysis identifies the 0.786 Fibonacci level at $64,134 as the next focal point if sellers break through both support areas. That would leave roughly $5,000 of downside from the current retracement level before the deeper Fibonacci shelf comes into play.

The full support map from the analysis:

• $69,106 — the 0.618 Fibonacci retracement, now reached
• $67,000–$66,000 — a zone that acted as resistance before August's bullish shift
• $64,134 — the 0.786 Fibonacci level, in focus if the zone above fails

What do the momentum indicators show?

They show weakness, not exhaustion. Weekly RSI has slipped below 50, and StochRSI continues to fall through mid-range territory. Neither indicator currently suggests the selling pressure has run its course, according to the analysis.

That distinction matters for traders. Oversold readings often precede bounces, but the indicators here have not yet reached extremes. The decline has room to continue from a momentum standpoint, even after a multi-week fall from $87,396.

Could a larger double bottom form?

The analyst sees one constructive scenario. "I've mentioned for months the possibility of Bitcoin eventually forming a larger double bottom, and this support region could still play a part in that scenario," DukesMarketAnalysis wrote. A double bottom would require price to hold near current levels, rally, and then return to test the lows — a pattern that takes weeks to confirm.

The analyst tempers that idea with the current evidence. "However, the current price action remains aggressively bearish, with little evidence of a meaningful reversal just yet," the analysis states.

What is the bottom line for traders?

The analysis closes with a clear division between possibility and proof. A technical bounce is certainly possible, and the larger double-bottom scenario remains worth monitoring, the analyst wrote. But the combination of relentless selling, weakening momentum and declining weekly EMAs suggests caution remains warranted.

The burden now sits with buyers. "For now, though, bulls need to demonstrate genuine strength before there is any reason to suggest the decline has ended," the analysis concludes. Until price reclaims structure or the indicators stabilize, the support levels at $69,106, $67,000–$66,000 and $64,134 define the battleground, and each one that breaks extends the bearish case rather than refuting it.