New Bitcoin price lows on the table until $76K becomes support
Why it matters: Bitcoin (BTC) could drop to $52,500 if it fails to establish support above $76,000.
- Bitcoin (BTC) is trading range-bound between $60,000 and $73,000, despite rising Brent crude oil prices, geopolitical tensions, and a volatile S&P 500 index.
- Technical analysis reveals a bearish continuation pattern, with rallies consistently rebuffed at the overhead trendline since February 8, requiring a multi-day close above $76,000 to negate the pattern.
- Aksel Kibar, a chartered market technician, predicts a potential price drop to $52,500 if Bitcoin breaks its lower boundary, aligning with a liquidity gap below $63,000-$65,000.
- Velo data indicates flat market demand in Bitcoin's spot and futures markets, with aggregated open interest remaining below $20 billion, a level not seen since BTC traded near $79,000 on February 2.
- Hyblock liquidation heatmap data shows a large number of leveraged long positions at risk if BTC falls into the $63,000 to $65,000 range, with the next block of margin long positions starting around $57,500 to $56,000.
Bitcoin (BTC) is currently locked in a $60,000 to $73,000 trading range, defying significant macroeconomic headwinds, but faces a high risk of further price drops unless it can establish multi-day support above $76,000. Technical analysis points to a bearish continuation pattern, with chartered market technician Aksel Kibar predicting a potential fall to $52,500 if the $60,000 support breaks.
