Bitcoin is hovering near a critical support level that has shielded it from deeper losses since 2017. Analysts warn the protective trendline, now at $70,000, could finally give way.
The support is the lower boundary of a long-term rising wedge pattern. Crypto analyst MichaelXBT says a confirmed break below this line would be historically significant, potentially igniting the largest weekly red candle for Bitcoin in years.
"If that level breaks, bears will be handsomely rewarded," he warned.
This trendline has held through severe tests, including the FTX crash of November 2022 when prices fell to $15,400. It also held three times in early 2026.
Not all analysts are predicting a collapse. Michaël van de Poppe describes the current weakness as a standard end-of-month correction driven by asset managers rebalancing portfolios.
He noted a break of $70,000 could send Bitcoin toward the low $60,000s, but said current weakness alone is not enough to call a new low.
Bitcoin (BTC) is currently trading at $73,473.