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Bitcoin (BTC), a cryptocurrency that is dominated by the tariff wars, has traded below $75,000 for the first since November. Although the crypto has recovered from the recent dip, it risks more volatility in the near future if the key levels of support are not quickly reclaimed.
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Bitcoin hits 5-Month Lows
Bitcoin prices dropped by 5% at the end this week below Closed Sunday just below $78,500. The largest cryptocurrency according to market capitalization bled toward $74,500 before rebounding in the early morning hours of Monday.
Bitcoin’s trading price reached levels of November 6, despite the 9.1% correction. Market watcher Daan Crypto Trades observed that BTC had been trading under its Bull Market Support Band over the last few weeks.
The trader’s view “This is a good metric to gauge high timeframe market momentum. So far this cycle, price has traded below it shortly a few times (2023 & 2024) but never traded away from it for much more than ~20%,” Bulls would love to claim this area.
Analyst Rekt Capital noted The current BTC correction is “very close to equaling the retracement depth of the Post-Halving pullback of almost -33%.” Bitcoin has dropped 31% from its January all-time highest (ATH) price of $108,786. He believes that Bitcoin may bleed through the $70,000 level before it reaches the bottom of the correction.
“Whenever Bitcoin’s Daily RSI crashed into the sub-28 RSI levels – that wouldn’t necessarily mark out the price bottom. In fact, historically, the actual price bottom would be -0.32% to -8.44% lower than the price when the RSI first bottomed,” He explained that Bitcoin was forming a second low between 2-79% lower than the previous low.
It will drop 8.44% from the previous low if it continues to follow the same pattern. investors Bitcoin could drop to a price of $69,000 or $70,000.
Next 10% Revision Coming?
Moreover, Rekt Capital outlined After BTC closed below $80.650, the analyst noted that the Bitcoin already has a strong support level. Analyst noted that Bitcoin has already gained “upside wicked into this level to tag it as potential new resistance” This week.
BTC needs to recover the close of last week if they want to compete with 2025’s Weekly downtrend. They also need to maintain Sunday’s closing daily level at $78,500.
Bitcoin did not achieve a Daily Close Above the Downtrend. The price has continued to create new Lower Highs, in addition to its existing series of Lower Lows. BTC fell to the lows of $78.500 on the most recent rejection. BTC could challenge $82,500 in the short-term if it continues to support this level.
Analysts explained that Bitcoin needs to be above $78,500 to achieve a positive price. “build a base here for a potential short-term rebound.” In fact, daily newspapers are a good thing. close BTC would be positioned to retest the level after two days of closing under it.
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He said that “turning this level into a confirmed resistance would send price into additional downside continuation,” The target price is the range from $69,000 to $72,000, which was before halving.
BTC currently trades for $79,200. That’s a 1 percent increase over the last 24 hours.
Charts from TradingView.com and Unsplash.com.
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Source: www.newsbtc.com
