According to data from TradingView, Bitcoin continues its correction and, at the time of writing, is once again attempting to hold above the $100,000 mark. The current market price of $102,200 suggests that the market is still searching for balance between buying and selling pressure. While it is impossible to predict with certainty where the trend will move next, technical analysis reveals three key levels that could potentially stop the current decline.

Bitcoin searches for a new bottom

The first significant zone is at $96,000, which represents the point of control in terms of historical trading volumes. This is the level where a long-term ascending support intersects with a horizontal support zone, making it a strong defensive wall from a technical standpoint. This area is defined by a price range between $99,000 and $93,000, with $96,000 forming the midpoint of this key region.

The second level that could act as a stabilizing element is $82,000. If the market were to fall further, this level coincides with the 100 SMA (moving average) on the weekly chart. In the past, Bitcoin has successfully tested this area several times, and it could once again serve as a strong support zone. Additionally, increased trading volumes around $82,000 indicate solid investor interest in this price range.

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Critical point of the cycle

The last and deepest technical level is $70,000. This represents the upper boundary of a broad support zone that extends from $70,000 to $56,000. It was in this area that Bitcoin formed its historical peak, followed by a multi-month consolidation period during the second and third quarters of 2024.

If the price were to drop to this level, it would represent a correction of approximately 44% from the all-time high of $126,200. Such a decline would indeed be the largest within the current cycle, yet it would not be unusual compared to previous market behavior. Historical data shows that Bitcoin has previously experienced losses exceeding 80%.

Despite these risks, a correction to $70,000 would not necessarily mark the end of the upward trend, but rather a temporary slowdown in growth. For investors, it is therefore crucial to know these three levels and be ready to react accordingly.