Bitcoin reached its 2026 low on February 4 near the $60,000 level before staging a corrective rally that peaked in mid-May at the declining 200-day moving average (green line on the chart below). However, the inability to break above that key technical barrier gave sellers the green light to reassert control, and the price has been trending steadily lower over the past several weeks.As the decline unfolded, Bitcoin broke below an important swing area between $73,211 and $73,825 and also slipped beneath its rising 100-day moving average (near the low of that swing area). Those levels now represent a critical risk zone for traders. As long as the price remains below the broken swing area and the 100-day moving average, the technical bias favors the sellers. It would take a move back above that cluster of resistance to shift control back toward buyers, at least in the short term.On the downside, Bitcoin fell to a low of $65,362 today, coming within striking distance of the March 26 swing low at $64,955. That support level is now a key line in the sand. A break below it would likely open the door for a move toward the February low at $59,957, just under the $60,000 level.A decline below that February low would mark the weakest price since October 2024 and strengthen the longer-term bearish outlook. For now, sellers remain in control, but they are pressing against a significant support area that could determine the next major move. This article was written by Greg Michalowski at investinglive.com.