Bitcoin is closing out Q1 2026 on a sour note. The leading cryptocurrency is trading around $66.4k after losing nearly half its value from its October 2025 high, which was close to $125k. With ongoing macroeconomic and geopolitical uncertainties affecting risk assets, Bitcoin enters Q2 without a visible bullish catalyst.

Bitcoin Price Review: The Daily Chart

On the daily timeframe, it’s clear that the descending channel, influencing Bitcoin’s price since late 2025, is still in play. Both the 100-day MA (~$77k) and 200-day MA (~$90k) are showing declines above the current price. The $75k–$80k zone, previously a strong support, has flipped to resistance, thwarting recovery attempts in March.

Immediate support sits at the $60k band, which held during the February sell-off. A drop below this threshold would expose BTC to the $50k zone. Currently, the RSI is hovering around 40, indicating a stabilizing market without signs of reversal. Thus, a convincing dailyclose above $75k is required for any significant trend change.

Bitcoin Daily Chart

BTC/USDT 4-Hour Chart

After consolidating in a rising flag pattern between roughly $60k and $75k for weeks, BTC has broken down from this pattern and is currently stabilizing near $66k. The current trading range is marked on the chart below.

The RSI on the 4-hour timeframe is recovering from oversold conditions and is trending upwards toward the mid-40s.

Bitcoin 4 Hour Chart

On-Chain Analysis

A notable development heading into Q2 is that Bitcoin’s exchange reserves have decreased to roughly 2.7M BTC, the lowest since late 2022. This continuous decline seems to be a sign of long-term holder accumulation rather than an influx of new buyers as prices drop.

Bitcoin Exchange Reserve

Disclaimer: The information presented is for informational purposes only and does not constitute financial advice.