Bitcoin, the flagship cryptocurrency, has recently experienced a significant price drop, falling below the $70,000 mark. This sudden decline has left investors worried, as the cryptocurrency is currently testing the critical support level of $68,800. If this support level is broken, a severe downtrend could occur, potentially leading to a more extensive bear market.

In the past few days, Bitcoin has struggled to maintain its position above $71,500, ultimately entering a downward correction phase. The eyes of investors are now fixed on the $68,800 support zone, where bulls are actively working to push the price back up. Bitcoin is currently trading above $69,000, but significant resistance lies ahead at $69,650 and $70,000.

The hourly chart of the BTC/USD pair reveals a downtrend line forming with resistance at $70,000. If this trend line is surpassed, Bitcoin's next major resistance will be at $70,500. A clear move above this level could propel the price higher, potentially testing the $71,200 resistance. Further gains could even push Bitcoin towards the $72,500 resistance.

However, if Bitcoin closes below the $68,800 support, the price's downtrend could accelerate, leading to increased selling pressure and panic among investors. In this scenario, Bitcoin could retreat to the $66,000 level. The nearest support level is at $69,000, which is a critical point where Bitcoin's recent upward movement began. If this support is broken, the next major support level is at $68,800, followed by significant supports at $67,420 and $66,046.

Technical indicators also suggest a bearish market trend. The hourly chart's MACD is currently losing speed in the bearish zone, indicating a potential continuation of the downward movement. Additionally, the RSI (Relative Strength Index) is below 50 for the BTC/USD pair, signaling that sellers are stronger in the market, and prices are in a downward trend.

In conclusion, Bitcoin's future largely depends on whether the critical support level of $68,800 can be maintained. If this level is broken, a severe downtrend could occur, potentially leading to a more extensive bear market. However, if the support level holds, Bitcoin could potentially start a new rise, testing higher resistance levels. Investors should conduct thorough research and consider their risk tolerance before investing in the cryptocurrency market.