The Bitcoin price broke below $70,000 over the weekend, effectively erasing the gains from the previous week. This move puts the cryptocurrency in a perilous position as the bulls are now hard-pressed to find another major support or risk the decline going deeper from here. According to one analyst, Bitcoin bulls will have to reclaim and hold $69,000 with momentum in order to trigger another recovery trend.
Why Bitcoin Bulls Must Hold $69,000On the flip side, there is a lot of bearish action to be seen if the bulls lose $69,000. This bearish move would trigger an at least 5% decline, with the crypto analyst putting the target somewhere between $64,000 and $66,000. While this decline may not exactly be as impactful as previous sharp declines, it could end up being negative for altcoins, which are already suffering.
By Sunday, the Bitcoin price broke below $69,000, but the bulls were able to maintain the $68,000 level, holding quite close to the target. Nevertheless, this means that the bulls are now in a tight spot with the need to reclaim $69,000 or watch the trend play out.
BTC Still Stuck In A Corrective Phase If the price is unable to break the resistance at the top of the channel, then the downtrend will continue, leading to an over 10% decline. This move will most likely send the Bitcoin price crashing below $60,000 for the first time in over a year.
Alternatively, if the price is able to successfully test and break out of the channel resistance with momentum, then the downtrend could be broken completely. This scenario would lead to a push toward $80,000 and likely kickstart the next run.
