Bitcoin perhaps it is closer to the type of long-term support zone that has characterized major lows in past cycles, but one technical analyst believes the market has not yet reached that point.
Interesting technical analysis indicates that Bitcoin’s weekly moving averages are the clearest guide to where this decline might ultimately peter out. This pattern shows that the current price action may be tapering to form a bottomalthough an additional step below $60,000 could still come first.
Bitcoin has already entered a late correction
Bitcoin is here a prolonged downward trend since October 2025, down almost 50% from its all-time high above $126,000. As it stands, the price of Bitcoin is now hovering around $70,000, and a growing body of technical evidence shows that price action is negotiate in an accumulation zone, but perhaps the bottom has not yet been reached.
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According to a weekly graphical analysis shared by @thescalpingpro on
Technical analysis shows that the 200-week moving average and 300-week moving average form the structural backbone of Bitcoin’s macro price history. During the 2018 bear market, Bitcoin found its bottom precisely at the 200 WMA level, which marked the end of an 84% decline from the previous cycle high. The March 2020 COVID crash, brief as it was, took the price of Bitcoin straight through the 200 WMA and into the 300 WMA before reversing sharply.
Then in 2022, during the FTX crash and the collapse of the crypto credit market, Bitcoin bottomed again around 300 WMA. This completes a pattern that has now repeated itself across three different market cycles and three completely different macroeconomic conditions.
Bitcoin Price Chart. Source: @thescalpingpro On
Where should Bitcoin go?
At the time of writing, Bitcoin is trading at $69,820, down 1.8% over the past 24 hours. However, Bitcoin is always above both moving averages, but was also not tested significantly. The 200 WMA currently sits at $59,268, while the 300 WMA is positioned at $51,805. These two levels now define the high probability accumulation range that could be identified as the lowest level. area for the current correction.
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The red support area drawn on the right side of the chart above shows exactly this possibility. The price could further dip into the upper end of the support band around the 200-week moving average or, in the case of more intense selling, slide towards the 300-week moving average around $51,800.
Featured image created with Dall.E, chart from Tradingview.com
