Bitcoin (BTC) is testing major support levels after failing to reclaim the $80,000 zone in May, according to analysts Daan Crypto Trades and Crypto Patel. The cryptocurrency rejected both the daily 200 EMA and daily 200 MA near $80,500 before extending its decline toward the $59,757 support area. The rejection followed a breakdown of a long-term ascending trendline that supported Bitcoin throughout much of the bull cycle. Bitcoin has declined more than 44% from its cycle highs, with the $48,700 region now identified as the next major support zone and the former $73,500 support level acting as resistance.
Bitcoin Rejects $80,000 and Tests $60,000 Support Zone
Bitcoin continued its decline after a failed retest of the $80,000 support zone, according to analyst Daan Crypto Trades. The chart shows BTC rejecting both the daily 200 EMA and daily 200 MA near the former support area before extending lower.
The chart highlights the $80,500 region as a key resistance zone. BTC attempted to reclaim that area in May but was rejected near the daily 200 EMA and 200 MA, confirming the bearish retest. Following the rejection, price resumed its downward trend and moved back toward the lower support range.
The next major level on the chart sits near $59,757. This area previously acted as an important swing low and now represents the primary support zone for the current move. The chart also shows rising volume during the recent decline, indicating strong participation in the selloff.
From a trend perspective, BTC remains below both long-term moving averages and continues to print lower highs since the May recovery attempt. As long as price remains beneath the $80,500 resistance area, the broader bearish structure remains intact.
According to Daan Crypto Trades, the key question is whether Bitcoin can establish a broader range between roughly $60,000 and $80,000. A successful defense of the support area could keep that range structure alive. However, a decisive breakdown below the low-$60,000 region would weaken the range thesis and increase the risk of further downside.
Bitcoin Breaks Ascending Trendline as Analyst Eyes $48,700 Support
Bitcoin has declined sharply from its cycle highs and is now trading near a key long-term support area highlighted by analyst Crypto Patel. The weekly chart shows BTC breaking below a major ascending trendline that supported the market throughout much of the bull cycle, while previous support around $73,500 has turned into resistance.
The chart highlights a bearish divergence that developed near the market top, where price continued making higher highs while the Relative Strength Index (RSI) formed lower highs. Following that signal, BTC broke below its rising support trendline and entered a prolonged correction phase.
According to the analysis, Bitcoin has already completed a decline of more than 44% from the highlighted resistance area. The chart identifies the $48,700 region as the next major support zone, labeled as "Support 2." This level previously acted as a key breakout point during the bull market and could attract buying interest if tested.
The RSI also remains weak on the weekly timeframe, reflecting the broader bearish momentum that has developed since the trendline breakdown. At the same time, the chart's projected recovery path suggests BTC could attempt to reclaim the former support area near $73,500 if buyers regain control.
Crypto Patel noted that fear-driven market conditions often create long-term accumulation opportunities. The analyst views the $50,000-$40,000 region as a potential accumulation zone if Bitcoin extends its correction and revisits those levels during the 2026-2027 period.
For now, the key technical levels remain the resistance area near $73,500 and the major support zone around $48,700. The market's reaction around those levels could help determine the next phase of Bitcoin's long-term trend.
FAQ
What support levels are analysts watching for Bitcoin?
Analysts have identified $59,757 as the immediate major support zone, with $48,700 marked as the next key level below that. Crypto Patel also highlighted the $50,000-$40,000 region as a potential accumulation zone if Bitcoin extends its correction during the 2026-2027 period.
What bearish signals have appeared on Bitcoin's chart?
Bitcoin rejected the daily 200 EMA and 200 MA near $80,500 after a failed retest in May. The weekly chart shows a breakdown of the ascending trendline that supported the bull cycle, along with a bearish divergence where price made higher highs while the RSI formed lower highs. Previous support at $73,500 has now turned into resistance.
How much has Bitcoin declined from its cycle highs?
Bitcoin has declined more than 44% from its cycle highs, according to the analysis by Crypto Patel. The chart shows rising volume during the recent decline, indicating strong participation in the selloff.
