BTC risks 51,000 dollar drop as 66,000 tests fail
Although Bitcoin’s short-term charts appear weak, analysts say the bullish outlook on longer timeframes remains intact. Crypto market observer SuperBro highlights a possible bearish pattern on the daily chart but argues that the long-term technical structure continues to emit stronger signals for BTC.
Short-term downside threat, long-term crucial support
According to SuperBro, Bitcoin has become squeezed within a rising channel on its daily chart following a sharp pullback. Some investors interpret this pattern as a bearish flag, raising the possibility of a further drop. If the pattern breaks downward, targets around 51,000 dollars and 47,000 dollars could quickly come into focus.
Despite those concerns, SuperBro points out that this formation may not be completely reliable. The main reason: the pattern is forming just above Bitcoin’s 200-week simple moving average, a technical level that has historically provided significant support during previous bull cycles.
Additional data from order books on trading platforms show robust buy support slightly beneath current prices. At the same time, liquidation heatmaps indicate that many short positions are clustering at specific levels. If BTC starts to move higher, the unwinding of these shorts could rapidly propel prices upward.
66,000 dollars back in focus
Another leading crypto analyst, CryptoWZRD, notes that after the US Federal Reserve’s recent rate decision, Bitcoin failed to reclaim a major resistance zone. According to this view, whether buyers can recover the crucial 66,000 dollar mark will shape the next important move for the broader market.
Bitcoin has declined sharply since testing the 72,000 dollar area earlier this month and has recently stabilized between 60,000 and 64,000 dollars. However, the price remains below both the broken trendline and meaningful resistance levels, casting doubt on any immediate recovery.
Scenario analysis: bullish versus bearish outcomes
CryptoWZRD suggests that a move above 66,000 dollars would signal renewed upside momentum, setting the stage for another test of resistance near 72,000 dollars. Conversely, failure to recapture this threshold could lead to more directionless and choppy price action for BTC in the near term.
The analyst also highlights the 45,000 to 48,000 dollar zone as a potential long-term bottom area. Still, the fact that current prices remain well above this region suggests the market has not yet priced in a deeper correction.
Two technical levels are now in the spotlight for the BTC market. The first is the 200-week simple moving average, key for the long-term outlook, and the second is the 66,000 dollar resistance level, critical for a short to medium-term rebound. Following the Fed’s recent decision, investors are watching to see at which of these thresholds Bitcoin will produce a sustained signal.
The post BTC risks 51,000 dollar drop as 66,000 tests fail appeared first on COINTURK NEWS.
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