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

The market volatility, fueled by the continuing tariff battle, noticed Bitcoin (BTC) commerce beneath 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 assist ranges quickly.

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Bitcoin Hits 5-Month Lows

Bitcoin ended the week with a worth drop beneath the $80,000 assist zone, closing Sunday beneath the $78,500 mark. Within the early hours of Monday, the biggest cryptocurrency by market capitalization continued bleeding towards the $74,500 assist 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 beneath its Bull Market Help Band for the previous few weeks, trying to get again above this stage however in the end dealing with rejection.

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

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

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

If it follows the identical sample and drops 8.44% beneath the primary low, buyers may 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 beneath the $80,650 assist. The analyst famous that Bitcoin already has “upside depraved into this stage to tag it as potential new resistance” this week.

Because of this, it should get well final week’s shut stage if BTC desires to problem 2025’s Weekly Downtrend, and it additionally wants to carry Sunday’s day by day shut stage of $78,500.

Bitcoin did not Day by day Shut above the Downtrend. In reality, worth continued to kind new Decrease Highs in its already prolonged sequence of Decrease Highs. On the newest rejection, BTC landed into the ~$78,500 lows. Proceed to carry this stage as assist, and BTC has an opportunity at difficult the $82,500 stage within the quick 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 day by day shut beneath this stage would see BTC positioned for a bearish retest after closing beneath it for 2 consecutive days.

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He concluded that “turning this stage right into a confirmed resistance would ship worth into further 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 day by day timeframe.

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