The Bitcoin price seems to be in a downward spiral that it just cannot break out of. Every single upward rally stops short of the previous one and every correction goes further down than the
The Bitcoin price seems to be in a downward spiral that it just cannot break out of. Every single upward rally stops short of the previous one and every correction goes further down than the one before. Next stop the top of the 2021 bull market at $69K?
Source: TradingView
The slide continues. The $BTC price did break up from the descending wedge pattern, but as per usual the price rolled over and has come back to test the upper trendline of the wedge. At the same time, a descending trendline that started not long after the $87K high is perhaps beginning to break down. If it does, it probably wouldn’t take long for the $BTC price to descend to $69K, a price it was struggling to get through as long ago as 2021.
Source: TradingView
The daily chart shows us that the plunge is probably taking place right now. The $BTC price has fallen below the descending trendline, and more importantly below the 200-day simple moving average (SMA). It’s actually not that far to go now to the $69K horizontal support level, and then the chances are that the price will not stop there. The real bull market support is the bull market trendline. If the $BTC price gets down there, this would potentially be at a price of around $66K.
Source: TradingView
The weekly chart shows how the $BTC price has fallen through very strong support at $73,800, which also rested on the top of the 8-month bull flag in 2024. Of course, there is still the rest of the week to go, so there is the chance that the price could retrace back up and end the week back above that support - but this is probably a faint hope at this point.
To all intents and purposes it looks as though the $BTC price is going to come down to the $69K support level at the very least, with the bull market trendline the last real support until a rock bottom possibility of $60K.
President Trump has recently published on his Truth Social account that there is no deal on the table for Iran, resulting in the S&P 500 and the Nasdaq opening to the downside according to the Futures. This will not help Bitcoin’s cause, already down 4.3% at time of going to press.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
