Bitcoin can get closer the kind of long-term support zone that has characterized major lows in previous cycles, but one technical analyst believes the market has not yet reached that point.

An engaging technical analysis indicates that Bitcoin’s weekly moving averages are the clearest indicator of where this decline may finally end. This setup shows that the current price action may be it narrows to form the bottomalthough one more leg lower, under $60,000, it could still take the top spot.

Bitcoin has already entered the overdue phase of correction

Bitcoin has appeared a long-term downward trend since then in October 2025, down almost 50% from its all-time high above $126,000. As it stands, Bitcoin’s price is currently hovering around $70,000, and a growing body of technical evidence shows that the price action is trade in the accumulation zone, but the bottom may not be ready yet.

According to weekly chart analysis shared by @thescalpingpro on

Technical analysis shows that the 200-week moving average and 300-week moving average form the structural framework of Bitcoin’s price macro history. Returning to the 2018 bear market, Bitcoin found its low right at the 200 WMA, which marked the end of an 84% decline from the peak of the previous cycle. The Covid-19 crisis in March 2020, although brief, caused Bitcoin’s price to go straight through the 200 WMA to the 300 WMA before reversing sharply.

Then in 2022, during the FTX crash and the collapse of the crypto lending market, Bitcoin bottomed again around the 300 WMA. This added to a pattern that is now repeating itself in three different market cycles under three completely different macroeconomic conditions.

Bitcoin price chart. Source: @thescalpingpro on X

Where does Bitcoin need to go?

At the time of writing, Bitcoin is trading at $69,820, down 1.8% in the last 24 hours. However, Bitcoin is still trading above both moving averages, but has also not been significantly tested. The 200 WMA is currently priced at $59,268 and the 300 WMA is currently priced at $51,805. These two levels now define the range of high probability accumulations that can be defined as the lowest zone for the current correction.

The red support box drawn on the right side of the above chart shows exactly this possibility. The price could continue to fall to the upper end of the support band around the 200-week moving average or, in the event of a more intense sell-off, slide towards the 300-week moving average near $51,800.

Featured image created with Dall.E, chart from Tradingview.com