Technicals hint Bitcoin could find bottom at $70K
As the major part of the cryptocurrency market continues to witness declines, Bitcoin (BTC) is no exception, and things might first need to go worse for the flagship decentralized finance (DeFi) asset before it can start its recovery towards new all-time highs (ATHs).
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Indeed, Bitcoin’s recent pullback has moved analysts to eye key technical levels that could define the next phase of its price action, and professional crypto trader Ali Martinez has identified three major support zones to emerge: $112,800, $91,400, and $70,000, per his X post on August 20.
Which technicals are important?
As it happens, his insights come from MVRV pricing bands, a popular valuation model that compares Bitcoin’s market value to its realized value. At present, they suggest that Bitcoin could stabilize within this wide range, with $70,000 standing out as a potential ultimate floor if bearish pressure intensifies.
Meanwhile, the weekly Relative Strength Index (RSI) has been printing lower highs for Bitcoin since March 2024, pointing to a gradual loss of bullish strength that often precedes a major market decision – either a breakdown toward lower supports or a reversal once buyers regain control.
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That said, the $112,000 level is attracting particular attention among traders like Martinez, who noted that “all eyes” are on this price as the line in the sand that could determine whether Bitcoin resumes its uptrend or slides deeper into correction territory.
For the time being, the maiden crypto asset is changing hands at the price of $113,532.12, which indicates a decline of 1.82% in the last 24 hours, adding up to the 5.65% drop across the previous seven days and a 3.76% dip on its monthly chart, according to the latest data.
All things considered, the crypto community is eagerly awaiting Bitcoin’s next moves, weighing whether this is the beginning of a deeper correction or the last major dip before another rally, possibly even to a new all-time high (ATH), earlier halted by the surprise inflation data.
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