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

The market volatility, fueled by the continued tariff battle, noticed Bitcoin (BTC) commerce under the $75,000 mark for the primary time since November. Despite 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 below the $80,000 assist zone, closing Sunday under the $78,500 mark. In 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 under its Bull Market Support Band for the previous few weeks, making an attempt to get again above this degree however in the end dealing with rejection.

According to the dealer, “This is a good metric to gauge high timeframe market momentum. So far this cycle, price has traded below it shortly a few times (2023 & 2024) but never traded away from it for much more than ~20%,” suggesting that bull wish to reclaim this area.

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

“Whenever Bitcoin’s Daily RSI crashed into the sub-28 RSI levels – that wouldn’t necessarily mark out the price bottom. In fact, historically, the actual price bottom would be -0.32% to -8.44% lower than the price 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, investors may see Bitcoin’s worth backside at round $69,000-$70,000.

Another 10% Correction Ahead?

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

As a consequence, it should get better final week’s shut degree if BTC desires to problem 2025’s Weekly Downtrend, and it additionally wants to carry Sunday’s day by day shut degree of $78,500.

Bitcoin did not Daily Close above the Downtrend. In truth, worth continued to type new Lower Highs in its already prolonged collection of Lower Highs. On the newest rejection, BTC landed into the ~$78,500 lows. Continue to carry this degree as assist, and BTC has an opportunity at difficult the $82,500 degree within the brief time period.

The analyst detailed that Bitcoin typically wants to shut above the $78,500 degree to “build a base here for a potential short-term rebound.” On the opposite, a day by day close under this degree 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 level into a confirmed resistance would send price into additional downside 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% improve within the day by day timeframe.

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