Bitcoin To $69K? BTC’s Short-Term Future Hangs On These Levels

The market volatility, fueled by the continuing tariff conflict, noticed Bitcoin (BTC) commerce under the $75,000 mark for the primary time since November. Regardless of recovering from the dip, the flagship crypto dangers extra short-term volatility if it doesn’t reclaim key help ranges quickly.

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Bitcoin Hits 5-Month Lows

Bitcoin ended the week with a worth drop under the $80,000 help zone, closing Sunday under the $78,500 mark. Within the early hours of Monday, the most important cryptocurrency by market capitalization continued bleeding towards the $74,500 help zone earlier than bouncing.

Amid the 9.1% correction, Bitcoin registered its lowest buying and selling worth in 5 months, touching November 6 ranges. Market watcher Daan Crypto Trades famous that BTC has been buying and selling under its Bull Market Assist Band for the previous few weeks, making an attempt to get again above this stage however finally dealing with rejection.

Based on the dealer, “This can be a good metric to gauge excessive timeframe market momentum. To date this cycle, worth has traded under it shortly a couple of occasions (2023 & 2024) however by no means traded away from it for far more than ~20%,” suggesting that bull wish to reclaim this area.

Analyst Rekt Capital famous that BTC’s present correction is “very near equaling the retracement depth of the Put up-Halving pullback of virtually -33%.” The continuing retrace has seen Bitcoin drop 31% since January’s all-time excessive (ATH) of $108,786. Nevertheless, he considers that Bitcoin might bleed into the $70,000 help earlier than hitting the correction’s backside.

“Every time Bitcoin’s Day by day RSI crashed into the sub-28 RSI ranges – that wouldn’t essentially mark out the worth backside. In reality, traditionally, the precise worth backside can be -0.32% to -8.44% decrease than the worth when the RSI first bottomed,” he defined, including that Bitcoin is forming its second low, 2-79% under the primary low.

If it follows the identical sample and drops 8.44% under the primary low, traders might see Bitcoin’s worth backside at round $69,000-$70,000.

One other 10% Correction Forward?

Furthermore, Rekt Capital outlined the important thing ranges to reclaim after BTC’s weekly shut under the $80,650 help. The analyst famous that Bitcoin already has “upside depraved into this stage to tag it as potential new resistance” this week.

In consequence, it should recuperate final week’s shut stage if BTC needs to problem 2025’s Weekly Downtrend, and it additionally wants to carry Sunday’s each day shut stage of $78,500.

Bitcoin didn’t Day by day Shut above the Downtrend. In reality, worth continued to type new Decrease Highs in its already prolonged collection of Decrease Highs. On the most recent rejection, BTC landed into the ~$78,500 lows. Proceed to carry this stage as help, and BTC has an opportunity at difficult the $82,500 stage within the brief time period.

The analyst detailed that Bitcoin usually wants to shut above the $78,500 stage to “construct a base right here for a possible short-term rebound.” Quite the opposite, a each day shut under this stage would see BTC positioned for a bearish retest after closing under it for 2 consecutive days.

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He concluded that “turning this stage right into a confirmed resistance would ship worth into extra draw back continuation,” which targets the pre-halving highs worth vary between $69,000 and $72,000.

As of this writing, BTC trades at $79,200, a 1% enhance within the each day timeframe.

Featured Picture from Unsplash.com, Chart from TradingView.com