Bitcoin (BTC to PKR) remains trapped below the $70,000 barrier as traders outline downside targets between $60,000 and $52,500 if resistance holds. Analysts say the $65K zone is now the critical defense level, with a breakdown potentially confirming a deeper correction before any bullish recovery.
Bitcoin trades near $67,102 (â PKR 18.7â18.9 million), positioned between two historic cycle indicators the 200-week SMA (~$68,300) and 200-week EMA (~$58,400). According to market analysts, major Bitcoin bottoms have historically formed inside this band, suggesting BTC may be in a bottoming range rather than a confirmed uptrend.
âThe absence of meaningful upside risks BTC losing the 200-week EMA over time,â analyst Rekt Capital warned.
Three Key Price Targets if $70K Rejects
Traders say Bitcoin must reclaim roughly $71K on a daily close to restart bullish momentum. Failure to do so shifts focus to three downside targets now dominating market positioning.
If BTC loses $66Kâ$65K support, analysts expect a move toward $60K. A deeper breakdown could expose $55K realized price levels, while extreme bearish scenarios point to the $52,500 region as the next major historical support.
âIf breakdown happens below $66K, BTC might revisit $60K,â trader Ted Pillows said.
Blockchain data shows long-term investors accumulated over 372,000 BTC in the $63Kâ$65K range, creating a strong cost-basis support cluster. This area is now viewed as the last major defense for bulls in the current cycle phase.
Analysts note that sustained trading below this band would likely shift market control firmly to bears and extend consolidation toward lower macro levels.
Despite near-term weakness, derivatives data shows a large futures gap between $80K and $84K that historically tends to be filled. Analysts say this remains the primary upside magnet if Bitcoin reclaims $70Kâ$71K resistance.
