Bitcoin is currently trading around $69,900. The price fluctuates near the lower boundary of its recent consolidation range.
Technically the asset stays inside a parallel channel between approximately $65,120 and $71,980. Immediate resistance appears near the $71,980 level, while support is located near $65,120.
On the downside, initial support is defined by the channel floor near $65,120, with a break lower exposing the psychological $60,000 horizontal line as the next key level.
As long as BTC trades between $65,120 and $71,980, the pair remains in a corrective bearish channel.