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

As the crypto market recovers from final week’s correction, Bitcoin (BTC) is making an attempt to reclaim a vital value zone. Despite the bounce, some analysts have warned that the underside will not be in but, suggesting the flagship crypto might quickly retest its current lows.

Bitcoin Bottom Below $60,000, Says Analyst

On Monday, Bitcoin continued its sideways transfer, attempting to show a key space into help for the third consecutive day. After hitting a two-year low of $60,000 final week, the flagship crypto has bounced 17.5% to commerce between $68,000 and $72,000 over the previous few days.

Nonetheless, the cryptocurrency has did not reclaim the higher zone of its short-term value vary, elevating questions concerning the direction of BTC’s subsequent transfer.

As the value recovered, Crypto Bullet famous that the BTC printed a “sturdy weekly shut” above the 200-week Exponential Moving Average (EMA), leaving Thursday’s correction as an extended wick.

The analyst cautioned that these wicks have normally been stuffed the next week, pointing to the late February 2025 and early October 2025 corrections and the next efficiency.

Based on this, he recommended that Bitcoin might retest the $60,000 space once more, the place the 200-week Moving Average (MA) can be positioned. Similarly, Ted Pillows highlighted BTC’s Monday bounce above $70,000, asserting that the important thing stage to defend is the $68,000 help, the place the EMA200 sits.

 If the value fails to carry this stage, the market observer recommended a deeper correction may very well be anticipated, with Bitcoin risking a drop under the current lows if that stage additionally fails to carry.

Meanwhile, Ali Martinez hinted that BTC’s backside won’t be in, as “Bitcoin has traditionally bottomed across the −1.0 MVRV Pricing Band.” According to the chart shared on X, that stage at present sits at $52,040.

BTC To See Leeser Relief Rally?

Another market watcher highlighted BTC’s macro descending triangle sample, which it has been forming within the month-to-month timeframe since mid-2024, suggesting that its potential bounce may very well be a “lesser reduction rally in comparison with the 2024-2025 advance to the upside.”

Rekt Capital noted that upon breakdown from its macro triangles, Bitcoin tends to react from the 50-Month EMA. However, it has traditionally been adopted by a draw back deviation under this stage.

“When considered by way of the lens of the Macro Descending Triangle, historical past reveals that Bitcoin has persistently did not revisit the bottom of the Macro Triangle following breakdowns, which suggests BTC might fall in need of $82.5k on any upcoming reduction rally.”

To the analyst, if BTC can construct support above the $71,000 space, the place the post-halving accumulation breakout occurred, the value might try a transfer into the mid-$70,000.

However, the flagship crypto “continues to be negotiating whether or not it’ll find itself inside the Post-Halving Range,” and has not decisively reclaimed the higher zone of its present vary as help, “is as a substitute displaying early indicators of flipping into resistance on the Weekly timeframe.”

As a end result, Bitcoin might consolidate round its post-halving vary once more if the $70,000 mark confirms as resistance. “At roughly 30% of the way in which by way of this a part of the market cycle, there stays ample time for additional structural motion to unfold however historical past suggests no matter clustering develops will doubtless be distributive earlier than persevering with extra Bearish Acceleration,” Rekt Capital concluded.