Bitcoin

when

Velo

would

Bitcoin’s (<a rel="noopener noreferrer nofollow">BTC</a>) range-bound trading within the $60,000 to $73,000 range is impressive, especially when considering the macroeconomic backdrop of Brent crude <a href="https://cointelegraph.com/markets/bitcoin-weekly-low-oil-fears-analyst-teases-10k-btc-price-target" rel="noopener noreferrer nofollow">oil rising to levels</a> not seen since 2008, a hot war between the US, Israel and Iran, and a volatile stock market where the S&amp;P 500 index trades at a 3.95% year-to-date loss.&nbsp;Despite these intensifying headwinds, Bitcoin buyers have shown a steady appetite for buying the price drops to $60,000, and while the level currently holds as support, the risk of lower prices is not zero.&nbsp;&nbsp;&nbsp;Bitcoin’s 1-day chart shows a bearish continuation pattern, with one pattern confirmed on Jan. 20 as BTC price entered a correction to $60,014, and a second bear flag currently in play. Every price rally to the flag’s overhead trendline has been rebuffed since Feb. 8, and technical analysis stresses the importance of a rally and multi-day candle close above $76,000 to negate the pattern.&nbsp;Ideally, a rally to $76,000 would hold through a 2- to 3-day consecutive-candle close, followed by a retest of the trendline at $75,000 to confirm a support-resistance flip, where a former resistance level is now confirmed as support.&nbsp;Analysis by chartered market technician Aksel Kibar predicts a potential price drop to $52,500. Referencing analysis from March 18, Kibar <a href="https://x.com/TechCharts/status/2034493062483751355?s=20" rel="noopener noreferrer nofollow">said</a> that a,<blockquote> “Breakdown of the lower boundary will be the signal for a possible move toward $52,500.”
</blockquote><figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d500a-ae94-736a-bab1-400a687b632a.png" alt="New Bitcoin price lows on the table until $76K becomes support"><figcaption>Bearish Bitcoin rising wedge backs $52,500 price prediction. Source: <a href="https://x.com/TechCharts/status/2039563332395454943?s=20" rel="noopener noreferrer nofollow">Aksel Kibar / X</a></figcaption></figure>Related: <a href="https://cointelegraph.com/markets/bitcoin-traders-forecast-short-term-downside-even-as-btc-price-chases-68k" rel="noopener noreferrer nofollow">Bitcoin traders forecast short-term downside even as BTC price chases $68K</a>Data from Velo highlights the relatively flat market demand across Bitcoin’s spot and futures markets. Although traders appear to view instances where BTC’s funding rate turns negative as a buying opportunity, their confidence is largely absent during rallies into the bear flag’s trendline resistance.Evidence of this is seen in Bitcoin’s aggregated open interest remaining pinned below $20 billion, a level not seen since Feb. 2 when BTC traded near $79,000.<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d500a-b30f-7eae-b151-ff32a635157c.png" alt="New Bitcoin price lows on the table until $76K becomes support"><figcaption>BTC/USDT 4-hour chart. Source: Velo</figcaption></figure>Regarding Kibar’s $52,500 price prediction and its alignment with Bitcoin’s futures markets, Hyblock liquidation heatmap data shows a large number of leveraged long positions at risk of liquidation if BTC falls into the $63,000 to $65,000 range.Below this is a liquidity gap, and the next block of open margin long positions starts in the $57,500 to $56,000 range.<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d500a-b705-7c63-92ef-57b6c491fe85.png" alt="New Bitcoin price lows on the table until $76K becomes support"><figcaption>BTC/USDT liquidation heatmap, 1-month lookback. Source: Hyblock</figcaption></figure>The current price action essentially reflects a market that trades sideways and consolidates as traders search for capital flow or narrative-related factors that would push them into larger directional bets.Until such a catalyst emerges, it’s likely that Bitcoin will continue to trade within its $10,000 range, with $60,000 as the <a href="https://cointelegraph.com/markets/bitcoin-holders-face-600b-unrealized-losses-btc-price-66k" rel="noopener noreferrer nofollow">lowest key support</a> and $70,000 as the most challenging level of resistance.&nbsp;&nbsp;

New Bitcoin price lows on the table until $76K becomes support

Cointelegraph

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