Bitcoin (BTC) experienced a decline below $71,000 on Monday, driven by traders selling over $20 million worth of the cryptocurrency every hour to secure profits. This selling trend has been persistent since February, particularly within the $70,000 to $80,000 price range, which is viewed more as a distribution zone than a battleground for conviction. The market faced additional pressure following President Donald Trump's announcement of a blockade in the Strait of Hormuz, a move that has escalated geopolitical tensions. The blockade comes after failed negotiations between U.S. and Iranian officials for an extended ceasefire. On the technical front, Bitcoin's chart shows signs of potential recovery, having pushed through the upper boundary of a descending channel that has defined its bear trend since reaching $128,000. Key support levels are at $70,105 and $67,874, while resistance levels are identified at $75,221 and $83,271. A weekly close above $70,000 is crucial for confirming the breakout.