Bitcoin may be getting closer the kind of long-term support zone that has marked major lows in previous cycles, but one technical analyst believes the market hasn’t reached that point yet.
An interesting technical analysis suggests that Bitcoin’s weekly moving averages are the clearest indication of where this decline could ultimately exhaust itself. That setup shows that the current price action is possible constrict to form a bottomeven though one leg lower under $60,000 could still take the top spot.
Bitcoin has already entered a late-stage correction
Bitcoin has arrived since then a longer downward trend October 2025, down almost 50% from all-time highs above $126,000. As it stands, the Bitcoin price is now hovering around $70,000, and a growing body of technical evidence shows that the price action trading in an accumulation zone, but perhaps the bottom has not yet been reached.
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According to a weekly chart analysis shared by @thescalpingpro on
Technical analysis shows that the 200-week moving average and 300-week moving averages form the structural backbone of Bitcoin’s macro price history. Back in the 2018 bear market, Bitcoin found its bottom right at the 200 WMA, marking the end of an 84% decline from the previous cycle peak. The March 2020 COVID crash, brief as it was, sent Bitcoin price straight through the 200 WMA to the 300 WMA before sharply reversing.
In 2022, during the FTX crash and crypto credit market collapse, Bitcoin once again bottomed near the 300 WMA. This completed a pattern that is now repeating itself in three different market cycles and in three very different macroeconomic conditions.
Bitcoin price chart. Source: @thescalpingpro On X
Where should Bitcoin go?
At the time of writing, Bitcoin is trading at $69,820, down 1.8% in the past 24 hours. However, Bitcoin is still trades above both moving averages, but has also not been meaningfully tested. The 200 WMA is currently at $59,268, while the 300 WMA is at $51,805. These two levels now define the high probability accumulation range that can be identified as the bottom zone for the current correction.
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The red support box on the right side of the chart above shows just that possibility. The price could still dip into the top end of the support band around the 200-week moving average, or, in a more intense sell-off, slide towards the 300-week moving average around $51,800.
Featured image created with Dall.E, chart from Tradingview.com