Bitcoin (BTC) lost its position at $80,000 over the weekend, with data suggesting the cryptocurrency needs to trade above the $74,000-$75,000 range as it has repeatedly served as key support over the past two years.
Ardi cryptocurrency analyst he said another retest of the $74,000-75,000 range may become the most crucial test of support for the current bear market.
The analyst noted the role that price range has played over the past two years. In 2024, Bitcoin struggled to break above the range during a seven-month consolidation. In Q1 2025, the same area held as support before BTC rose towards cycle highs at $126,000.
BTC/USD, single-day chart analysis by Ardi. Source: X
Bitcoin is currently approaching this level after a weekly correction of 5.78% to $77,900. Ardi said this zone carries additional significance as several major price swings in the $74,000-$75,000 range have formed over multiple time frames.
Cryptocurrency trader Alex Wacy focused at the level of $70,000. Wacy said maintaining the area could support a return of $85,000 to $90,000. Losing this value could open the door to a larger decline towards the $50,000-$60,000 range.
Related: BTC price ‘bull trap’ at 76.5 thousand dollars? Five things to know about Bitcoin this week
The Bitcoin market signal is weakening again
Bitcoin researcher Axel Adler Jr. he said Bitcoin’s bull-bear structure index turned bearish again after BTC failed to stay above $82,000 earlier this month.
It tracks six indicators related to ETF demand, trader activity, exchange flows and short-term price dynamics. A positive reading indicates that buyers are in control, while a negative reading indicates increasing pressure from sellers.
Bitcoin bull-bear structure index. Source: CryptoQuant
The bullish signal lasted less than three trading days. On May 6, the index briefly turned positive as Bitcoin surged to near $82,000. By May 17, the reading dropped to -23.49, meaning sellers quickly regained control.
Meanwhile, CryptoQuant data showed that more Bitcoin is moving to exchanges from investors who bought BTC six to 12 months ago. The average purchase price was around $110,851, which means many people are now facing vast unrealized losses after the recent decline.
The share of older coins hitting exchanges also increased to 10.54%, well above the usual level of less than 1%, market analyst Easy On Chain said stating,
“Historically, this reflects investors taking large losses and exiting the market, creating strong selling pressure in the cash market.”
Related: Saylor’s Strategy Grabs $2 Billion in Bitcoin, Assets Reach 843,738 BTC
