Bitcoin Could See New Drop To $60,000 Despite Bounce – Here’s The Level To Defend

5 hours ago

As the crypto marketplace recovers from past week’s correction, Bitcoin (BTC) is attempting to reclaim a important terms zone. Despite the bounce, immoderate analysts person warned that the bottommost whitethorn not beryllium successful yet, suggesting the flagship crypto could soon retest its caller lows.

Bitcoin Bottom Below $60,000, Says Analyst

On Monday, Bitcoin continued its sideways move, trying to crook a cardinal country into enactment for the 3rd consecutive day. After hitting a two-year debased of $60,000 past week, the flagship crypto has bounced 17.5% to commercialized betwixt $68,000 and $72,000 implicit the past fewer days.

Nonetheless, the cryptocurrency has failed to reclaim the precocious portion of its short-term terms range, raising questions astir the direction of BTC’s adjacent move.

As the terms recovered, Crypto Bullet noted that the BTC printed a “strong play close” supra the 200-week Exponential Moving Average (EMA), leaving Thursday’s correction arsenic a agelong wick.

The expert cautioned that these wicks person usually been filled the pursuing week, pointing to the precocious February 2025 and aboriginal October 2025 corrections and the consequent performance.

Based connected this, helium suggested that Bitcoin could retest the $60,000 country again, wherever the 200-week Moving Average (MA) is besides located. Similarly, Ted Pillows highlighted BTC’s Monday bounce supra $70,000, asserting that the cardinal level to support is the $68,000 support, wherever the EMA200 sits.

If the terms fails to clasp this level, the marketplace perceiver suggested a deeper correction could beryllium expected, with Bitcoin risking a driblet beneath the caller lows if that level besides fails to hold.

Meanwhile, Ali Martinez hinted that BTC’s bottommost mightiness not beryllium in, arsenic “Bitcoin has historically bottomed astir the −1.0 MVRV Pricing Band.” According to the illustration shared connected X, that level presently sits astatine $52,040.

BTC To See Leeser Relief Rally?

Another marketplace watcher highlighted BTC’s macro descending triangle pattern, which it has been forming successful the monthly timeframe since mid-2024, suggesting that its imaginable bounce could beryllium a “lesser alleviation rally compared to the 2024-2025 beforehand to the upside.”

Rekt Capital noted that upon breakdown from its macro triangles, Bitcoin tends to respond from the 50-Month EMA. However, it has historically been followed by a downside deviation beneath this level.

“When viewed done the lens of the Macro Descending Triangle, past shows that Bitcoin has consistently failed to revisit the basal of the Macro Triangle pursuing breakdowns, which means BTC whitethorn autumn abbreviated of $82.5k connected immoderate upcoming alleviation rally.”

To the analyst, if BTC tin physique support supra the $71,000 area, wherever the post-halving accumulation breakout occurred, the terms could effort a determination into the mid-$70,000.

However, the flagship crypto “is inactive negotiating whether it volition find itself wrong the Post-Halving Range,” and has not decisively reclaimed the precocious portion of its existent scope arsenic support, “is alternatively showing aboriginal signs of flipping into absorption connected the Weekly timeframe.”

As a result, Bitcoin could consolidate astir its post-halving scope again if the $70,000 people confirms arsenic resistance. “At astir 30% of the mode done this portion of the marketplace cycle, determination remains ample clip for further structural question to unfold but past suggests immoderate clustering develops volition apt beryllium distributive earlier continuing further Bearish Acceleration,” Rekt Capital concluded.