Bitcoin is holding just above the broken support level at $66,900 as a potential bear flag on the 4H chart and the daily MACD is hitting its worst reading of the current cycle, raising the risk of a move to $63,000 heading into the low-liquidity Good Friday weekend.
Summary
- Bitcoin is trading at $66,891, holding just above the $66,188 support level that was broken after selling off from the March high near $76,000.
- The 4H chart shows a small ascending channel forming within the downtrend, a structure that could represent a bear flag, while the daily MACD histogram stands at -639, one of the most extreme negative readings in the current cycle.
- A failure of the $65,549 Supertrend support is aimed at $63,000, while a confirmed daily close above $68,400 will be the first signal of a short-term relief.
Bitcoin (BTC) is trading at $66,891 on April 3, 2026, holding above what was a horizontal support level at $66,188 after falling from March highs near $76,000. The daily Supertrend indicator sits at $74,093, positioned above the price in the red, confirming the reigning bearish regime. Daily chart volume increased significantly during the recent leg decline, a pattern more consistent with forced selling than systematic distribution.
On the 4H chart, the price has formed a small ascending channel from the intraday lows, with the current close close to $66,891 printing just above the 4H Supertrend support at $65,549. This short-term structure appears to be temporarily forming at 4H, but remains within a larger downtrend, raising the possibility of a bear flag instead of a true reversal.
A bear flag is a short, shallow recovery that forms in the middle of a downtrend before the next leg decline. The ascending channel of 4H on the Bitcoin chart corresponds to this explanation: the price recovers at a modest angle, and the MACD histogram in 4H remains deeply negative at -169, with the MACD line at 203 compared to the 33 signal. There is no bullish crossover on the 4H MACD, and the histogram continues to grow in the red.
On the daily chart, the MACD reading is extremely high. The MACD line stands at -862 against the -223 signal, producing a histogram of -639. Investtech’s April 3 technical analysis notes that Bitcoin “broke the base of the rising channel in the short term” and breached support at $67,300, concluding that “this foreshadows further downside.” The 50-day SMA around $69,089 and the 200-day near $70,280 both sit above the current price on the downside, providing stacked resistance to any recovery attempt.
Key Levels, Price Targets, and Limitations
Immediate support remains at $65,549, the current 4H Supertrend reading. A 4H close below this level could accelerate a move to $63,000-$64,000, the next major support region from the beginning of the 2026 price history. A deep break below $60,490 is aimed at $54,000, according to technical analysis published by CoinDCX.
Resistance to the upside: the broken level of $66,188 is now resistance. The upper boundary of the rising 4H channel near $68,400, which also coincides with the 4H Supertrend bear line, is the first meaningful ceiling. A confirmed daily close above $68,400 will reduce the bear flag hypothesis and open a rally towards $70,000.
Options Expiry and Market Content
Around 27,600 Bitcoin options contracts expired on April 3 with an estimated value close to $1.8 billion and a maximum pain level of $68,000, according to Coinglass data. A put/call ratio near 0.55 indicates slightly more calls than expirations, but with price trading below the maximum pain point, the options-driven bounce faces an uphill battle.
As crypto.news reported, Bitcoin fell more than 4% to $66,250 on April 2 as the growing US-Iran tensions pushed oil above $100 and caused more than $420 million in strong losses across the market. CME futures closed today on Good Friday, eliminating institutional demand and liquidity at a critical time.
The CoinDCX research team noted that “a sustained daily close of the $67,500 support area” is needed for April’s 5-7% retracement to $72,000 to remain active. Failure to recover that level until next week, combined with a negative daily MACD, puts $63,000 as the next possible target.
