Bitcoin Plunges 42% Off Monthly Bitcoin / U.S. dollarBITSTAMP:BTCUSDAshishforexcomCrypto Forecast: Bitcoin Plunges 15% Off Monthly High- Key Support Under Pressure Bitcoin has sold off sharply from recent highs with BTC/USD now testing major support. The reaction here may determine whether the decline deepens or stabilizes. Bitcoin is poised to marka second-consecutive day decline with BTC/USD losses acceleration after breaking below the 2021 low, placing emphasis on how the market reposnds at this thershold. While the broader structer remains under pressure, the risk rises for inflection here anbd the reaction is likeytoshpe near-termdirection fot bitcoin. Battle line drawn on the BTC/USD technical charts. A Closerlook at the bitcoin daily chart chart shows breaking below the November tranline last week with multiple test of this slope as a resistance keeping the bars in control. A channel extending off the monthly highs is guiding the most recent decline with the lower parallel further highlighting near-term support here at 62,795- 57,885. Initialresistance is eyed with the 2021 low and 61.80% - 69,675. A topside breach above this threshold is needed tosuggest a more significant low is in place and larger recovery in underway.