Bitcoin prices fell below $70,000 over the weekend, effectively erasing gains from the previous week. This move puts the cryptocurrency in a dangerous position as bulls will find it difficult to find new significant support and risk a deeper decline from here. According to one analyst, Bitcoin bulls need to regain momentum and hold $69,000 to trigger a new recovery trend.
Why Bitcoin Bulls Must Hold $69,000
According to cryptocurrency analyst Teal Street, bulls need to protect the $69,000 level to prevent Bitcoin price from falling. The reason is the fact that if this support holds, Bitcoin price could rise to the $73,000-$74,000 level. Following this, there is still a chance of an eventual push towards $76,000-77,000.
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On the other hand, if the bulls lose $69,000, we will see a lot of bearish activity. This bearish move could trigger a decline of at least 5%, with crypto analysts placing a target somewhere between $64,000 and $66,000. While this decline may not be as impactful as previous sharp declines, it could be a negative for altcoins that are already struggling.
By Sunday, Bitcoin price had fallen below $69,000, but the bulls were able to hold on to the $68,000 level, staying fairly close to their target. Nevertheless, this means that the bulls are now in a predicament where they need to either recover $69,000 or watch the trend unfold.
BTC is still in a correction phase
Another crypto analyst, HAMED_AZ also published A post supporting the current Bitcoin bearishness states that the digital asset has indeed entered a correction phase. Because of this, we expect Bitcoin price to initially push towards the top of the ascending channel and then decline.
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If the price fails to break through the resistance at the top of the channel, the downtrend will continue, leading to a decline of more than 10%. This move will most likely push Bitcoin prices below $60,000 for the first time in over a year.
Alternatively, the downtrend could be broken completely if price can test and break the channel resistance with momentum. This scenario would lead to a push towards $80,000 and likely kickstart the next run.
Featured image from Dall.E, chart from TradingView.com
