#btc跌破7万大关 How low can Bitcoin go? Bitcoin prices are already down 10% from their all-time highs.
After rising to $72,000 at the beginning of this week, the BTC price has fallen by more than 8% in the past three days.
Data from Cointelegraph Markets Pro and TradingView show that the price of Bitcoin suddenly fell from a high of $71,980 on May 21 to an intraday low of $66,260 on May 23.
The Bitcoin price drop coincided with the market’s unexpected reaction to the U.S. approval of a spot Ethereum exchange-traded fund (ETF) on May 23. The sell-off effect of that approval left market participants wondering how much further the Bitcoin price could fall before a sustained recovery could occur.
Let’s explore how low the Bitcoin price can go during the ongoing correction cycle.
Bitcoin could drop to $60,000
Cryptocurrency trader and analyst Mags noted that BTC’s recent rally was capped by major resistance near the all-time high of $73,835, and said the price could consolidate around $65,000 before attempting a rebound.
“BTC is facing some resistance near the range highs, expect some consolidation around the mid-range ($65,000s) before moving higher again.”
Whether the bitcoin price has bottomed out. He compared it to the recent pullback from the all-time high on March 14, saying a low of around $60,000 would be “a good target or long buy point.”
“This consolidation could last for a while longer and I expect we might even see $61-63,000.”
Bitcoin Could Retest $60,000 Re-accumulation Range Lows
The re-accumulation phase of Bitcoin began a few weeks before the halving and was associated with a downside swing below the re-accumulation range. A few weeks later, it ended with a breakout. According to well-known analyst Rekt Capital, this phase can last up to 150 days, about five months.
Analysts say that as Bitcoin fails to break out of its current re-accumulation range high of around $71,500, the flagship cryptocurrency’s price could continue to consolidate in the $60,000 to $70,000 range in the coming weeks.
“Consolidation continues and history suggests it will continue for several more weeks with prices between $60,000 and $70,000.”
Rekt Capital previously explained that once BTC breaks out of this range, the range will end and enter a parabolic uptrend.
“The goal now is to let Bitcoin trade sideways to catch its breath and let the market calm down after the outperformance in price prior to the halving.”
50-Day EMA Provides Bitcoin’s First Line of Defense
From a technical perspective, the immediate support level for Bitcoin price is $66,000.
Losing this support could cause the price to decline from current levels, gathering demand-side liquidity beneath it to the 50-day EMA, currently at $64,838.
The 50-day moving average is located within Bitcoin’s key support zone between $64,000 and $66,120. After holding this support level in March, the price rose 17% to $72,777 on April 8. According to the IOMAP chart below from IntoTheBlock, over $1.42 million in addresses had previously purchased over 870,800 BTC during this price range.
Since this area provides relatively strong support for BTC price compared to the resistance it faces in its recovery path, it could be where the downside is limited in the near term.
