Traders say Bitcoin still due for ‘next leg lower’ targeting $46K BTC price

💡 DMK Insight

Bitcoin’s recent close below the 200-week moving average is a red flag for bulls. This technical level has historically acted as a strong support zone, and breaking below it often signals further downside. Traders should be cautious, as this could lead to increased selling pressure, especially if we see a continuation of bearish sentiment in the broader crypto market. The current price of $70,812.00 puts BTC in a precarious position, and a failure to reclaim this moving average could trigger stop-loss orders and accelerate declines. Keep an eye on the $68,000 level as a potential next support, which could be tested if the bearish trend continues. On the flip side, if Bitcoin manages to reclaim the 200-week MA, it could signal a short-term reversal, but that seems less likely given the current market sentiment. Watch for volume spikes or significant news that could shift momentum, as these could provide clues about the next move.