Bitcoin(BTC) is again testing market conviction as analysts warn that a break below key support could send the token toward $38,000. Key Points: BTC traded just below $63,000 as analysts deba
Bitcoin(BTC) is again testing market conviction as analysts warn that a break below key support could send the token toward $38,000.
- BTC traded just below $63,000 as analysts debated whether the cycle bottom is still ahead.
- Ali Martinez said a break under $60,587 could expose lower zones near $46,702 and $37,867.
- Whale activity points the other way, with large holders adding 30,000 BTC in one week.
Bitcoin remained trapped in a steep multi-month downtrend, despite several short rebounds that failed to change market sentiment.
The debate now centers on whether BTC can defend the area just above $60,000, or whether another loss of support could pull price below $50,000.
Martinez said the $60,000 to $63,000 range is the largest volume cluster on the chart, with more than 1.3 million BTC changing hands there.
He identified $60,587 as immediate support, warning that a break below it could open a path toward $46,702, where about 150,000 coins moved.
A deeper loss of that zone could bring $37,867 into view, a level last seen near the end of 2023.
X analyst Chiefy also warned that Bitcoin may still face a “final trap” near $44,000, where many traders could give up.
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The bearish case is not uncontested, because large holders have continued to accumulate even as public forecasts turn darker.
Whales recently bought 30,000 BTC, worth more than $1.8 billion, in one week, suggesting that some deep-pocketed investors are using the decline to build positions.
That matters because smaller traders often watch whale flows for signals, although large-wallet accumulation does not guarantee a rebound.
Lookonchain also reported that an unidentified whale opened a 40x long Bitcoin position worth nearly $70.5 million.
The trade carries clear liquidation risk. The position would be liquidated at $61,724 unless the trader adds collateral or closes it first. Bitcoin’s current setup reflects a wider pattern from recent months, in which sharp rebounds have not ended the downtrend, while each failed support test has made the next demand zone more important.
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