The Bitcoin price fell hard on Tuesday, hitting $67,289—its lowest level since April—reshaping sentiment toward a more bearish outlook as bulls lose key support zones.
CoinGecko data shows the selloff isn’t isolated to one timeframe. Bitcoin has retraced across all-time horizons, reflecting widespread bearish sentiment and persistent selling pressure.
The Bitcoin price is down about 6% over the last 24 hours and roughly 15% on the monthly timeframe. After the drop, Bitcoin is around 47% below its all-time highs of $126,000 set during last year’s rally.
On X (previously Twitter), market analyst Ali Martinez argued that the Bitcoin price has broken below several major levels that traders typically use as a line in the sand.
Martinez pointed to the loss of channel support, the loss of the 100-day simple moving average (SMA), and the move below the 0.5 Fibonacci retracement level around $71,300.
The analyst said that once all three were lost, the odds of downside acceleration rose sharply, pointing to $65,000 as the next likely move. From current levels, that potential retrace would mean an additional pullback of about 3.4%.
Market expert Nonzee claimed “history is repeating itself,” describing a bear-trap pattern that previously went from $97,000 to $83,000, and then the expert charted a continuation of the crash for the Bitcoin price with another leg: $65,000, then $61,000, $58,000, $55,000 and a potential bottom at around $48,000.
In that scenario, the “next stops,” according to Nonzee, include “$60,000 in days,” and $48,000 by September. Short Bitcoin price bounces may happen, but he argued that waiting for a full bull market right now would be a mistake.
Not everyone is calling for the same exact path, but the tone across these forecasts is clearly cautious. Tony Research, for example, said he expects a bounce from $67,000 into the $74,000 area, yet the larger message remains that the main trend is still bearish.
Featured image created with OpenArt; chart from TradingView.com
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