Bitcoin Could See New Drop To $60,000 Despite Bounce – Here’s The Level To Defend

As the crypto market recovers from last week’s correction, Bitcoin (BTC) is attempting to reclaim a crucial price zone. Despite the bounce, some analysts have warned that the bottom may not be in yet, suggesting the flagship crypto could soon retest its recent lows.

On Monday, Bitcoin continued its sideways move, trying to turn a key area into support for the third consecutive day. After hitting a two-year low of $60,000 last week, the flagship crypto has bounced 17.5% to trade between $68,000 and $72,000 over the past few days.

As the price recovered, Crypto Bullet noted that the BTC printed a “strong weekly close” above the 200-week Exponential Moving Average (EMA), leaving Thursday’s correction as a long wick.

The analyst cautioned that these wicks have usually been filled the following week, pointing to the late February 2025 and early October 2025 corrections and the subsequent performance.

 If the price fails to hold this level, the market observer suggested a deeper correction could be expected, with Bitcoin risking a drop below the recent lows if that level also fails to hold.

“When viewed through the lens of the Macro Descending Triangle, history shows that Bitcoin has consistently failed to revisit the base of the Macro Triangle following breakdowns, which means BTC may fall short of $82.5k on any upcoming relief rally.”

However, the flagship crypto “is still negotiating whether it will locate itself within the Post-Halving Range,” and has not decisively reclaimed the upper zone of its current range as support, “is instead showing early signs of flipping into resistance on the Weekly timeframe.”

As a result, Bitcoin could consolidate around its post-halving range again if the $70,000 mark confirms 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.