From Coinpedia · By Nidhi Kolhapur
Bitcoin price is facing downside pressure, with analysts warning that a break below key support levels could trigger another correction toward $67,000. Market strategist Gareth Soloway identified $75,500 as a critical level Bitcoin must defend to avoid deeper losses.
Advertisement Crypto analyst Dinci Jeremy also warned of further weakness after Bitcoin fell below $76,500. He expects a possible short-term recovery before BTC tests lower support around $72,000.
Both analysts highlighted weakening market sentiment, declining institutional demand, and technical signals as reasons for caution.
Bitcoin Price Faces Critical $75,500 Support
Gareth Soloway identified $75,500 as Bitcoin’s most important near-term support level. BTC price is currently trading around $75,600, leaving the cryptocurrency close to a potential breakdown.
A confirmed daily close below $75,500 could expose Bitcoin to further losses toward $67,000. He considers this lower level a potential buying opportunity.
On the upside, Bitcoin needs to reclaim $81,000 to improve its technical outlook and strengthen the possibility of a recovery.
The repeated tests of the $75,500 support could weaken buying pressure. A possible head-and-shoulders pattern could signal further downside if the pattern confirms.
Bitcoin Price Could Find Support at $72,000
Dinci Jeremy also sees further downside risks after Bitcoin dropped below $76,500.
According to his four-hour chart analysis, the $75,100 to $78,000 range remains an important price zone. He expects Bitcoin to attempt a short-term recovery toward $76,500 before potentially resuming its decline.
If buyers fail to defend the current levels, Jeremy identified $72,000 as the next major support.
This level also aligns with the 61.8% Fibonacci retracement, making it an important area to watch for a potential buying response.
However, Bitcoin would need to reclaim key resistance levels to establish a sustained recovery. Continued weakness across the broader cryptocurrency market could increase the risk of another decline.
Bitcoin ETF Outflows Signal Weaker Institutional Demand
Jeremy also highlighted declining demand for Bitcoin exchange-traded funds (ETFs) as a concern for the market.
He expects the next round of ETF data to show additional withdrawals, although the latest figures were not available during his analysis.
He also pointed to a decline of approximately 13,142 BTC in Bitcoin treasury holdings during the period discussed. According to his assessment, most of the reduction came from ETF-related holdings, while publicly traded companies continued accumulating Bitcoin.