Bitcoin Headed To $69,000? Analyst Says BTC’s Short-Term Future Hangs On These Levels

The marketplace volatility, fueled by the ongoing tariff war, saw Bitcoin (BTC) commercialized beneath the $75,000 people for the archetypal clip since November. Despite recovering from the dip, the flagship crypto risks much short-term volatility if it doesn’t reclaim cardinal enactment levels soon.

Bitcoin Hits 5-Month Lows

Bitcoin ended the week with a terms driblet below the $80,000 enactment zone, closing Sunday beneath the $78,500 mark. In the aboriginal hours of Monday, the largest cryptocurrency by marketplace capitalization continued bleeding toward the $74,500 enactment portion earlier bouncing.

Amid the 9.1% correction, Bitcoin registered its lowest trading terms successful 5 months, touching November 6 levels. Market watcher Daan Crypto Trades noted that BTC has been trading beneath its Bull Market Support Band for the past fewer weeks, attempting to get backmost supra this level but yet facing rejection.

BTC trades beneath its Bull Market Support Bands. Source: Daan Crypto Trades connected X

According to the trader, “This is simply a bully metric to gauge precocious timeframe marketplace momentum. So acold this cycle, terms has traded beneath it soon a fewer times (2023 & 2024) but ne'er traded distant from it for overmuch much than ~20%,” suggesting that bull would similar to reclaim this region.

Analyst Rekt Capital noted that BTC’s existent correction is “very adjacent to equaling the retracement extent of the Post-Halving pullback of astir -33%.” The ongoing retrace has seen Bitcoin driblet 31% since January’s all-time precocious (ATH) of $108,786. However, helium considers that Bitcoin could bleed into the $70,000 enactment earlier hitting the correction’s bottom.

“Whenever Bitcoin’s Daily RSI crashed into the sub-28 RSI levels – that wouldn’t needfully people retired the terms bottom. In fact, historically, the existent terms bottommost would beryllium -0.32% to -8.44% little than the terms erstwhile the RSI archetypal bottomed,” helium explained, adding that Bitcoin is forming its 2nd low, 2-79% beneath the archetypal low.

If it follows the aforesaid signifier and drops 8.44% beneath the archetypal low, investors could spot Bitcoin’s terms bottommost astatine astir $69,000-$70,000.

Another 10% Correction Ahead?

Moreover, Rekt Capital outlined the cardinal levels to reclaim aft BTC’s play adjacent beneath the $80,650 support. The expert noted that Bitcoin already has “upside wicked into this level to tag it arsenic imaginable caller resistance” this week.

As a result, it indispensable retrieve past week’s adjacent level if BTC wants to situation 2025’s Weekly Downtrend, and it besides needs to clasp Sunday’s regular adjacent level of $78,500.

Bitcoin failed to Daily Close supra the Downtrend. In fact, terms continued to signifier caller Lower Highs successful its already extended bid of Lower Highs. On the latest rejection, BTC landed into the ~$78,500 lows. Continue to clasp this level arsenic support, and BTC has a accidental astatine challenging the $82,500 level successful the abbreviated term.

The expert elaborate that Bitcoin mostly needs to adjacent supra the $78,500 level to “build a basal present for a imaginable short-term rebound.” On the contrary, a regular close beneath this level would spot BTC positioned for a bearish retest aft closing beneath it for 2 consecutive days.

He concluded that “turning this level into a confirmed absorption would nonstop terms into further downside continuation,” which targets the pre-halving highs terms scope betwixt $69,000 and $72,000.

As of this writing, BTC trades astatine $79,200, a 1% summation successful the regular timeframe.

Bitcoin’s show successful the one-week chart. Source: BTCUSDT connected TradingView

Featured Image from Unsplash.com, Chart from TradingView.com