Crypto: Bitcoin’s $68k Trend Line Seen As Potential BTC Price Floor: Traders

Bitcoin is approaching its 200-week moving averages, a long-term support zone traders say could help define a potential BTC price floor.

Bitcoin (BTC) traders see its ultimate support trendline coming into play as part of a new macro BTC price bottom.

Bitcoin is nearing a long-term trendline retest for the first time since late 2023.

Weekly moving averages are on the radar as a BTC price safety net should the market fall again.

Market outlooks place emphasis on trader resilience despite a 40% drawdown.

The latest analysis increasingly expects Bitcoin to test its 200-week exponential moving average (EMA) at $68,400.

After four straight red monthly candles, BTC price is fielding fresh downside targets, which include sub-$50,000 levels.

Despite dropping to its lowest levels since late 2024 this week, BTC/USD may be rescued by classic support trend lines in the end.

“We're currently trading at Strategy's cost basis & are close [to] the April lows at $74.4k. If we break below, the next key level is $70k which is just above the previous ATH of $69k,” Nic Puckrin, CEO of crypto education resource Coin Bureau, wrote in an X post Wednesday.

Puckrin referenced the 200-week simple moving average (SMA), which forms a $10,000-wide support band with the EMA equivalent, data from TradingView shows.

Source: CoinTelegraph