Bitcoin is seeing renewed selling pressure on March 6, 2026, with the price pulling back toward the $68K region after failing to sustain momentum above $73K earlier this week. The move has triggered concern among traders, but a deeper look at the structure suggests that the drop may simply be a healthy pullback within a broader recovery structure rather than the start of a major crash.
At the time of writing, Bitcoin is trading around $68,800, down roughly 1.9% on the 4-hour session, after a wave of liquidations and profit-taking hit the market.
Let’s break down what is happening.
Rejection at the $73K Resistance Zone
Bitcoin recently attempted a strong breakout, rallying quickly toward $73,550, which acted as a major resistance area.
This level is significant for several reasons:
- It marked a recent swing high
- It coincided with overhead supply from previous distribution
- Many leveraged traders opened long positions during the breakout attempt
When price failed to hold above this region, short-term traders began taking profits, triggering the first wave of selling pressure.
Once the market lost momentum, the move accelerated.
Liquidations Amplified the Drop
One of the key drivers of today’s decline is derivatives liquidations.
During the rally toward $73K, funding rates turned positive and open interest increased rapidly. This meant the market had too many leveraged longs betting on a breakout.
When price started reversing:
- Long positions began getting liquidated
- Liquidation cascades added selling pressure
- Short-term volatility increased
This type of move is common in crypto markets. Instead of trending smoothly, Bitcoin often moves through waves of leveraged positioning being flushed out.
Volume Profile Shows Heavy Trading Near $68K
Looking at the volume profile, a large amount of trading activity has taken place between $67,500 and $69,500.
This zone acts as a high liquidity area, meaning both buyers and sellers have previously shown strong interest here.
Because of that:
- Price tends to gravitate toward this level
- Markets often consolidate around high-volume nodes
- It can act as a temporary equilibrium zone
The current pullback into this area may simply represent price returning to a fair value level after a rapid rally.
Technical Structure: Pullback Inside a Downward Channel
From a technical perspective, Bitcoin is currently trading within a descending channel on the 4-hour chart.
The structure shows:
- Upper trendline resistance near $70K–$71K
- Lower trendline support near $67K
- Price currently sitting in the middle of the channel
This indicates the market is still searching for direction after the recent rally.
A breakdown from the upper trendline triggered the current move lower.
Key Levels Traders Are Watching
Immediate Support
$67,700 – $67,000
This zone is extremely important because it represents:
- The lower boundary of the channel
- A high volume trading node
- A recent breakout retest area
If buyers defend this region, Bitcoin could stabilize and begin a new push higher.
Major Resistance
$70,600 – $71,000
If the market rebounds, this region will likely act as the first resistance area.
A successful reclaim could allow Bitcoin to challenge:
- $73,500
- Potentially $76,000 afterward.
Why the Next Move Could Be Up
Despite the drop, several signals suggest the market may be preparing for another upward attempt:
- Liquidity sweep
The current dip may be flushing late long positions before continuation. - High volume support nearby
The $68K region has strong historical trading activity. - Recent bullish momentum still intact
The rally from the mid-$60K range showed strong demand. - Profit-taking after a sharp rally
Pullbacks are normal after fast upward moves.
Because of this, many traders believe the market could attempt another move higher once the liquidation pressure subsides.
The Level That Could Invalidate the Bullish View
The bullish scenario has one clear invalidation point.
If Bitcoin breaks below $67,000 with strong selling volume, the current structure could change significantly.
A breakdown below this level would mean:
- The descending channel support has failed
- Market structure turns weaker
- Downside targets could open toward:
$64,800
and potentially
$61,800
For now, however, that scenario has not yet played out.
What Happens Next for Bitcoin?
The market is currently at a decision point.
Two possible scenarios are emerging:
Bullish Scenario
- Price holds above $67K
- Liquidations stabilize
- Buyers push BTC back above $70K
- Retest of $73K resistance becomes likely
Bearish Scenario
- $67K support breaks with strong volume
- Market structure weakens
- Price revisits $65K or lower
For the moment, the pullback appears more like a reset after a fast rally rather than the beginning of a major downtrend.
FAQs
Why is Bitcoin falling today?
Bitcoin is falling mainly due to profit-taking near the $73K resistance level and long liquidations in derivatives markets after an over-leveraged breakout attempt.
What caused the liquidation cascade?
Many traders opened leveraged long positions expecting a breakout above $73K. When the breakout failed, those positions were forced to close, accelerating the decline.
Is Bitcoin entering a bearish trend?
Not necessarily. The current move still looks like a pullback inside a broader consolidation structure unless support near $67K breaks.
What is the most important support level right now?
The $67,000 region is currently the most critical level for maintaining the bullish structure.
Can Bitcoin still move higher from here?
Yes. If buyers defend support and volume returns, Bitcoin could attempt another rally toward $70K–$73K.
Latest crypto news:
Aptos Shocks Market With 2.1B Supply Cap. APT Pumps Above $1
Aave Launches App to Onboard the Next Million Users to DeFi
Get the news in a Jist. Follow Cryptojist on X and Telegram for real-time updates!
Bitcoin 
Tether 
BNB 