Bitcoin has continued to decline recently and is now testing a key support zone between $69,000 and $64,000. These levels correspond to the 61.8% and 78.6% Fibonacci retracement levels, respectively, and are key areas bulls need to defend.
If Bitcoin can hold this zone, it may still have a chance to rebound and maintain a potential inverse head-and-shoulders pattern, increasing the likelihood of the market forming a long-term bottom. But if support fails, the rebound structure could be invalidated. Bitcoin is also testing its 200-week EMA; a weekly close below it could trigger further selling.
How much further could Bitcoin fall?
If Bitcoin breaks below its previous low, the chances of a long-term bottom forming in 2026 could diminish, and the price could even fall further to $50,000 or lower.
Such a decline could also push the market into deeply oversold territory, similar to the 2018 bear market and the COVID-19 crash in 2020.
ETH and other altcoins are also under pressure
Ethereum is currently near important support at $1,800, where a long-term trendline and a Fibonacci retracement level converge. A break below this level could intensify selling.
Other altcoins are also showing weakness: SUI continues to retreat, ONDO has given back its recent gains, ADA is testing support at $0.17, LINK is nearing its lowest level since 2020, and SOL is also being dragged down by the broader market decline.
If Bitcoin can hold this zone, it may still have a chance to rebound and maintain a potential inverse head-and-shoulders pattern, increasing the likelihood of the market forming a long-term bottom. But if support fails, the rebound structure could be invalidated. Bitcoin is also testing its 200-week EMA; a weekly close below it could trigger further selling.
How much further could Bitcoin fall?
If Bitcoin breaks below its previous low, the chances of a long-term bottom forming in 2026 could diminish, and the price could even fall further to $50,000 or lower.
Such a decline could also push the market into deeply oversold territory, similar to the 2018 bear market and the COVID-19 crash in 2020.
ETH and other altcoins are also under pressure
Ethereum is currently near important support at $1,800, where a long-term trendline and a Fibonacci retracement level converge. A break below this level could intensify selling.
Other altcoins are also showing weakness: SUI continues to retreat, ONDO has given back its recent gains, ADA is testing support at $0.17, LINK is nearing its lowest level since 2020, and SOL is also being dragged down by the broader market decline.