Today’s drop has pushed the price below BTC’s 50-week exponential moving average (EMA), and could be marking the beginning of a bearish cycle for the top crypto.

The next area of support to watch would be the $73,000 level, meaning a 21% downside risk. Yup, that’s right, huge loss ahead if the market keeps tanking.

On the bright side, if we get a rebound off this mark, that could be great news for bulls, as Bitcoin has made an all-time high every time it has jumped off this key EMA.

BTC Drops Below Key EMA Supports – $75K Next?

Now, heading to the daily chart, a bearish market structure has clearly formed since October 10, and now we got a confirmed downtrend going on.

The price broke below the critical 200-day exponential…