Bitcoin Could See New Drop To $60,000 Despite | Crypto News
As the crypto market recovers from last week’s correction, Bitcoin (BTC) is making an attempt to reclaim a essential price zone. Despite the bounce, some analysts have warned that the underside will not be in yet, suggesting the flagship crypto may soon retest its current lows.
Bitcoin Bottom Below $60,000, Says Analyst
On Monday, Bitcoin continued its sideways transfer, making an attempt to flip a key space into assist for the third consecutive day. After hitting a two-year low of $60,000 last week, the flagship crypto has bounced 17.5% to commerce between $68,000 and $72,000 over the past few days.
Nonetheless, the cryptocurrency has failed to reclaim the higher zone of its short-term price vary, raising questions about the direction of BTC’s next transfer.
As the price recovered, Crypto Bullet famous that the BTC printed a “strong weekly close” above the 200-week Exponential Moving Average (EMA), leaving Thursday’s correction as a long wick.
The analyst cautioned that these wicks have often been crammed the next week, pointing to the late February 2025 and early October 2025 corrections and the next efficiency.
Based on this, he advised that Bitcoin may retest the $60,000 space again, where the 200-week Moving Average (MA) is also positioned. Similarly, Ted Pillows highlighted BTC’s Monday bounce above $70,000, asserting that the key degree to defend is the $68,000 assist, where the EMA200 sits.
If the price fails to maintain this degree, the market observer advised a deeper correction could possibly be anticipated, with Bitcoin risking a drop below the current lows if that degree also fails to maintain.
Meanwhile, Ali Martinez hinted that BTC’s backside won’t be in, as “Bitcoin has historically bottomed around the −1.0 MVRV Pricing Band.” According to the chart shared on X, that degree 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 in the month-to-month timeframe since mid-2024, suggesting that its potential bounce could possibly be a “lesser relief rally compared to the 2024-2025 advance to the upside.”
Rekt Capital famous 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 below this degree.
“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 following breakdowns, which means BTC may fall short of $82.5k on any upcoming relief rally.”
To the analyst, if BTC can construct assist above the $71,000 space, where the post-halving accumulation breakout occurred, the price may attempt a transfer into the mid-$70,000.
However, the flagship crypto “is still negotiating whether it will locate itself within the Post-Halving Range,” and has not decisively reclaimed the higher zone of its current vary as assist, “is instead showing early signs of flipping into resistance on the Weekly timeframe.”
As a outcome, Bitcoin may consolidate around its post-halving vary again if the $70,000 mark confirms as resistance. “At roughly 30% of the way through this part of the market cycle, there remains ample time for further structural movement to unfold but history suggests whatever clustering develops will likely be distributive before continuing additional Bearish Acceleration,” Rekt Capital concluded.
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