Bitcoin Price Stabilization Approaches, But Another Dip Below $60,000 Possible

Bitcoin is getting closer to the long-term support zone that typically marks major market bottoms in its history. However, a technical analyst suggests that a definitive low hasn't been reached yet. Current analysis points to Bitcoin's weekly moving averages as key indicators for when this downward trend might finally wear off. Despite signs of narrowing price action that could indicate a bottom, there may still be one more dip below $60,000 ahead of us.

Key Takeaways

Bitcoin is nearing long-term support zones commonly seen during market bottoms.
A technical analyst suggests that a final dip below $60,000 may still occur before a potential recovery.
The 200-week and 300-week moving averages are critical indicators for Bitcoin's price history.
Recent trends show that Bitcoin has corrected nearly 50% from its previous all-time high.
The potential price range may provide a solid foundation for future accumulation.

Bitcoin Price Tightens Range

Bitcoin is Experiencing a Late-Stage Correction

Since October 2025, Bitcoin has undergone a prolonged downtrend, losing nearly 50% from its all-time high of over $126,000. Presently, Bitcoin is trading around $70,000, and various technical indicators suggest that the price is in an accumulation zone. However, a definitive low has yet to materialize.

According to a weekly chart shared by @thescalpingpro on X, Bitcoin is approaching two significant long-term moving averages that have historically defined major cycle bottoms since 2018. It’s possible that the price could still fall below $60,000 before establishing a solid support level.

Technical analysis highlights the 200-week moving average (WMA) and the 300-week moving average as crucial elements in Bitcoin’s macro price behavior. In the bear market of 2018, Bitcoin found its floor precisely at the 200 WMA, marking the end of an 84% decline from the previous cycle's peak. In March 2020, during the COVID-19 market crash, Bitcoin fell through the 200 WMA and touched the 300 WMA before rebounding sharply.

In 2022, Bitcoin again came to rest around the 300 WMA during the FTX collapse and the crisis in the crypto credit market. This scenario has repeated itself across three distinct market cycles, each under vastly different macroeconomic conditions.

Bitcoin Price Chart. Source: @thescalpingpro on X

The Path Ahead for Bitcoin

As of now, Bitcoin is trading at $69,820, reflecting a 1.8% decrease over the past 24 hours. Nevertheless, it remains above both moving averages without having significantly tested either. Presently, the 200 WMA sits at $59,268, while the 300 WMA is at $51,805. These two levels mark the high-probability accumulation range that may define the bottom for this current correction.

The red support box on the chart indicates this potential scenario. Bitcoin could still dip into the upper range of the support band near the 200-week moving average or, in a more forceful sell-off, plunge toward the 300-week moving average around $51,800.

Bitcoin price chart from Tradingview.com BTC price retraces from support | Source: BTCUSD on Tradingview.com