Bitcoin is trading at a decisive technical point as analysts evaluate whether the cryptocurrency can maintain short-term support and break through resistance near $72,000. Crypto analyst More Crypto Online says the latest pullback has not confirmed a major top, while analyst Don points to $72,583 as the level Bitcoin must reclaim to shift momentum back in favor of bulls. The price action comes as Bitcoin tests key technical structures including long-term support trend lines and descending resistance levels that have defined recent trading ranges.
More Crypto Online Identifies Three-Wave Correction Structure
Crypto analyst More Crypto Online stated that Bitcoin's decline from this week's high remains a three-wave move, suggesting the correction may be temporary rather than the start of a broader reversal. In a post on X, the analyst said BTC's pullback has not confirmed a major top because the decline has unfolded in three waves.
The 15-minute BTC/USD chart outlines a potential Elliott Wave wave (4) correction following the recent advance. The nearest support zone sits between $63,136 and $64,699, based on Fibonacci retracement levels at 38.2 percent ($64,699), 50 percent ($63,913) and 61.8 percent ($63,136). As long as Bitcoin holds this range, the bullish outlook remains intact, according to the analyst.
A break below the support area could signal a deeper correction. The chart identifies a secondary support zone between $60,238 and $61,104, labeled as lower B-wave support. More Crypto Online argues that Bitcoin traders should avoid calling a market top too early, as the current price structure still favors a corrective pullback over a confirmed trend reversal.
Don Highlights $72,583 as Critical Resistance Level
Crypto analyst Don highlighted the $72,583 area as the key level to watch in a post on X. The chart suggests Bitcoin remains trapped beneath a descending trend line while attempting to recover from its recent pullback.
The daily BTC/USD chart shows Bitcoin trading above a long-term ascending support trend line, marked in pink, which has repeatedly acted as a floor during previous corrections. BTC also appears to be testing a downward-sloping resistance line that has capped price advances in recent weeks.
According to the chart, a decisive move above $72,583 could invalidate the current bearish structure. Failure to reclaim that level may trigger another rejection and keep Bitcoin confined within its corrective trend. The chart also highlights the 200-day moving average, which has historically provided dynamic support during bull market pullbacks.
FAQ
What support levels are analysts watching for Bitcoin?
Crypto analyst More Crypto Online identifies a primary support zone between $63,136 and $64,699 based on Fibonacci retracement levels, with secondary support between $60,238 and $61,104.
What resistance level must Bitcoin break to shift momentum?
Analyst Don points to $72,583 as the critical resistance level Bitcoin must reclaim to invalidate the current bearish structure and open the door to further recovery.
Why does More Crypto Online say Bitcoin has not confirmed a major top?
More Crypto Online states that Bitcoin's decline from this week's high remains a three-wave move in Elliott Wave terms, suggesting the correction may be temporary rather than the start of a broader reversal.
