As the crypto market recovers from last week’s correction, Bitcoin (BTC) is trying to reclaim a crucial price zone. Despite the rebound, some analysts have warned that the bottom may not have been reached yet, suggesting the flagship crypto could soon retest its recent lows.
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Bitcoin bottoms below $60,000, says analyst
On Monday, Bitcoin continued its sideways move, attempting to turn a key area into support for the third day in a row. After hitting a two-year low of $60,000 last week, the flagship crypto has rallied 17.5% in recent days to trade between $68,000 and $72,000.
Nevertheless, the cryptocurrency has failed to reclaim the upper zone of its short-term price range, raising questions about the direction of BTC’s next move.
As the price recovered, Crypto Bullet noted that BTC recorded a “strong weekly close” above the 200-week Exponential Moving Average (EMA), keeping Thursday’s correction a long fuse.
The analyst cautioned that these fuses are typically filled the following week, pointing to the late February 2025 and early October 2025 corrections and subsequent performance.
Based on this, he suggested that Bitcoin could retest the $60,000 area, which is also where the 200-week moving average (MA) is located. The same goes for Ted Pillows marked BTC rose above $70,000 on Monday, arguing that the key level to defend is the $68,000 support, where the EMA200 sits.
If the price fails to hold this level, the market observer suggested that a deeper correction could be expected, with Bitcoin at risk of falling below recent lows if that level also fails to hold.
Meanwhile, Ali Martinez hinted that BTC’s bottom may not be in, as “Bitcoin has historically bottomed out around the -1.0 MVRV price band.” According to the chart shared on X, that level is currently at $52,040.
BTC goes to the Leeser Relief Rally?
Another market observer highlighted BTC’s macro bearish triangle pattern, which it has formed on the monthly time frame since mid-2024, suggesting the potential rebound could be a “lesser relief rally compared to the advance in the 2024-2025 period.”
Rekt Capital noted that Bitcoin, upon exiting its macro triangles, tends to react from the 50-month EMA. However, historically this has been followed by a downward deviation below this level.
“When viewed through the lens of the Macro Descending Triangle, history shows that Bitcoin has consistently failed to revisit the base of the Macro Triangle after disruptions, meaning BTC could be stuck below $82.5k in an upcoming relief rally.”
According to the analyst, if BTC can build support above the $71,000 area, where the post-halving accumulation breakout occurred, the price could attempt a move towards the mid-$70,000s.
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However, the flagship crypto “is still negotiating whether to position itself within the Post-Halving Range,” and has not decisively reclaimed the upper zone of its current range as support, “instead showing early signs of resistance on the weekly time frame.”
As a result, Bitcoin could consolidate back around the post-halving range if the $70,000 mark is confirmed as resistance. “At around 30% of the way through this part of the market cycle, there remains plenty of time for further structural movement, but history suggests that whatever clustering develops is likely to be distributive before further bearish acceleration continues,” Rekt Capital concluded.
Featured image from Unsplash.com, chart from TradingView.com