Bitcoin shows signs of weakening bearish pressure and key support levels, with a potential shift toward a significant upward movement.
Bitcoin (BTC) is priced at $68,385.76, with the price action showing a sharp retracement from a daily high of $70,897.84. This kind of volatility, with a range of $68,095 to $70,897 in just 24 hours, points to ongoing market uncertainty.
Looking at Bitcoin’s performance metrics over various timeframes, the 1-hour chart shows a mild 0.4% decline, while the past 24 hours show a more significant 2.7% drop, compounded by a 3.9% loss over the past 7 days. Even more concerning is the 28.1% drop over the last 30 days.
Despite the retracement, Bitcoin remains above the $68K level, a critical zone that traders will be closely watching for support. If Bitcoin fails to hold these levels, the next major support might be closer to $65K.
Bitcoin Price Analysis
On the technical side, Bitcoin’s 1-day Relative Strength Index shows a reading of 35.54, indicating that Bitcoin is in oversold territory, though still above the critical threshold of 30. Historically, a dip below the 30 level would signal strong oversold conditions, but the current RSI suggests that Bitcoin could be nearing a short-term bottom or at least a brief consolidation phase.
In terms of support and resistance, Bitcoin has held steady above the $68,000 mark, which now acts as key support. A breakdown below this level could lead to further declines, with further potential support levels near $65,000 or $60,000.
On the upside, $70,000 represents the immediate resistance, followed by the more significant $72,000 level, where Bitcoin previously encountered selling pressure. If Bitcoin manages to reclaim and hold above $70,000, it may open the door to a more sustained rally.
Looking at the Moving Average Convergence Divergence, the histogram bars are shrinking, indicating a potential loss of momentum in the recent bearish move. The MACD line is currently crossing below the signal line, which is a bearish crossover and suggests that the downward trend could continue unless there is a quick recovery. The histogram is also showing green bars, which indicate that the current downtrend is weakening.
Here’s Bitcoin’s Execution Plan
Elsewhere, Whale Factor on X has shared a detailed BTC execution plan. According to the plan, after peaking at an all-time high of $126,000 in October 2025, Bitcoin entered a correction phase around $70,000, which is a 44%+ drawdown from the ATH.
The next phase, Spring, is expected to bring Bitcoin down to $37,000 to reset the RSI before the next bull run. The following run could then launch Bitcoin to levels like $260,000.
Whale Factor advises not to fight the historical trend, suggesting a 70-80% correction before the next major move. From the current price of $68,385.76, the projected target of $260,000 represents a 280.3% potential surge in Bitcoin’s price.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.