Bitcoin continued to face downward pressure this week, with its recent rebound stalling below $64,600 and analysts monitoring critical support zones. Short-term chart signals point to the pos
Bitcoin continued to face downward pressure this week, with its recent rebound stalling below $64,600 and analysts monitoring critical support zones. Short-term chart signals point to the possibility of another decline before a potential reversal takes shape.
Trader Kaz reviewed Bitcoin’s overall trajectory and argued that the asset may test the $49,000-$59,000 support range as the final move before the current bear market comes to an end. If this area holds, his chart analysis foresees a speculative path that could eventually target a selling region between $160,000 and $180,000.
Following a prolonged drop from its all-time high, Bitcoin is currently hovering just above the suggested bidding zone. Kaz anticipates a period of consolidation in this range, with the chance of a further minor downside before a proper market bottom is formed.
Kaz indicated that protecting the $49,300 level is essential for any recovery scenario. Should this support hold, Bitcoin would need to establish a series of higher lows and overcome major resistance levels for the bullish case to become credible.
The next significant hurdle is a move back towards the earlier all-time-high region around $125,000. Kaz’s analysis projects the possibility of a short-lived push above that threshold, followed by a retreat toward $100,000 before a renewed advance.
Support/Resistance LevelScenario if HeldScenario if Lost$49,300Bullish reversal possible, targets toward $125,000 and higherDeeper correction, extended bear market$64,600Short-term rebound, potential test of recent highsOngoing short-term pressure, risk of further declineThe ultimate upside projection sets a wide $160,000-$180,000 target as a potential selling range for BTC. However, Kaz cautioned that this scenario depends on several uncertain moves over a two-year period and represents a possibility rather than a guarantee.
Protecting the $49,300 region is key to seeing a credible recovery, with higher lows and a reclaim of resistance needed to signal more confidence in the upside scenario.
Failure to maintain support at $49,300 would call the bottoming thesis into question, opening up scope for a more significant correction. While late-stage bear-market conditions may be in place, buyers must actively defend this range and confirm a reversal through price action.
Bitcoin’s recent attempt to rally faded after encountering resistance near $64,600, a level that has now become a key short-term barrier. Market analyst Crypto Tony, known for his chart-focused insights on digital assets, emphasized that sellers regained momentum as BTC struggled to maintain levels above $64,300.
According to the latest hourly chart, Bitcoin managed an initial recovery from $63,800 support but could not recapture the earlier breakdown region, suggesting the bounce was corrective and not the start of a sustained uptrend.
If Bitcoin continues to meet resistance below $64,600, a return to $63,800 appears likely. A confirmed decline through this support would put the next target zone in the $63,450-$63,600 range in focus.
Analysts noted that regaining and maintaining $64,600 is now crucial for buyers seeking to reverse short-term bearish pressure. Such a move could pave the way for a move towards $65,000 and newly set local highs.
Bitcoin currently remains trapped between $63,800 support and $64,600 resistance, with a decisive break of either level expected to set the direction for the next move.
For now, the asset continues to trade within a narrow band. A loss of $63,800 support would likely accelerate the decline, while a breakout above $64,600 would undermine immediate bearish expectations.
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