Bitcoin May Dip to $60,000 Again After Recent Bounce
As the crypto market rebounds from last week’s downturn, Bitcoin is making a bid to regain a significant price level. Despite the bounce, some analysts have cautioned that the bottom may not be in yet, indicating that the flagship crypto could soon retest its recent lows. On Monday, Bitcoin maintained its sideways trajectory, attempting to establish a crucial area as support for the third straight day. Following a dip to a two-year low of $60,000 last week, the leading cryptocurrency has surged by 17.5%, currently trading in the range of $68,000 to $72,000 over the last few days. Despite this, the cryptocurrency has not managed to regain the upper zone of its short-term price range, leading to uncertainty regarding BTC’s forthcoming trajectory. As the price rebounded, Crypto Bullet observed that BTC recorded a “strong weekly close” above the 200-week Exponential Moving Average, rendering Thursday’s correction as a long wick.
The analyst warned that these wicks typically get filled in the week that follows, referencing the corrections seen in late February 2025 and early October 2025, along with the performance that followed. He indicated that Bitcoin might revisit the $60,000 zone, coinciding with the position of the 200-week Moving Average. Ted Pillows pointed out BTC’s Monday bounce above $70,000, emphasizing that the critical level to maintain is the $68,000 support, coinciding with the EMA200. If the price fails to maintain this level, the market observer indicated that a deeper correction could be on the horizon, with Bitcoin potentially facing a decline below the recent lows if that level also does not hold.
In a recent update, Ali Martinez suggested that BTC’s bottom could still be on the horizon, stating, “Bitcoin has historically bottomed around the −1.0 MVRV Pricing Band.” The chart shared on X indicates that the current level is at $52,040. Another market observer pointed out BTC’s macro descending triangle pattern, which has been developing in the monthly timeframe since mid-2024, indicating that its potential bounce might be a “lesser relief rally compared to the 2024-2025 advance to the upside.” Rekt Capital highlighted that when Bitcoin breaks down from its macro triangles, it typically responds to the 50-Month EMA. Historically, this has been accompanied by a downside deviation falling below this level. “When analyzed through the perspective of the Macro Descending Triangle, historical data indicates that Bitcoin has repeatedly struggled to return to the base of the Macro Triangle after breakdowns, suggesting that BTC might not reach $82.5k during any forthcoming relief rally.” According to the analyst, if BTC manages to establish support above the $71,000 level, where the post-halving accumulation breakout took place, the price may try to make a move into the mid-$70,000 range.
Nonetheless, the leading cryptocurrency “is still negotiating whether it will locate itself within the Post-Halving Range,” and has not definitively reclaimed the upper zone of its current range as support, “is instead showing early signs of flipping into resistance on the Weekly timeframe.” Consequently, Bitcoin may find itself consolidating once more within its post-halving range if the $70,000 level is validated as resistance. “At roughly 30% of the way through this part of the market cycle, there remains ample time for further structural movement to unfold but history suggests whatever clustering develops will likely be distributive before continuing additional Bearish Acceleration,” Rekt Capital concluded.
