Bitcoin (BTC) is again testing market conviction as analysts warn that a break below key support could send the token toward $38,000.
Key Points:
- BTC traded just below $63,000 as analysts debated whether the cycle bottom is still ahead.
- Ali Martinez said a break under $60,587 could expose lower zones near $46,702 and $37,867.
- Whale activity points the other way, with large holders adding 30,000 BTC in one week.
Bitcoin Support
Bitcoin remained trapped in a steep multi-month downtrend, despite several short rebounds that failed to change market sentiment.
The debate now centers on whether BTC can defend the area just above $60,000, or whether another loss of support could pull price below $50,000.
Martinez said the $60,000 to $63,000 range is the largest volume cluster on the chart, with more than 1.3 million BTC changing hands there.
He identified $60,587 as immediate support, warning that a break below it could open a path toward $46,702, where about 150,000 coins moved.
A deeper loss of that zone could bring $37,867 into view, a level last seen near the end of 2023.
X analyst Chiefy also warned that Bitcoin may still face a “final trap” near $44,000, where many traders could give up.
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Whales Keep Buying BTC
The bearish case is not uncontested, because large holders have continued to accumulate even as public forecasts turn darker.
Whales recently bought 30,000 BTC, worth more than $1.8 billion, in one week, suggesting that some deep-pocketed investors are using the decline to build positions.
That matters because smaller traders often watch whale flows for signals, although large-wallet accumulation does not guarantee a rebound.
Lookonchain also reported that an unidentified whale opened a 40x long Bitcoin position worth nearly $70.5 million.
The trade carries clear liquidation risk. The position would be liquidated at $61,724 unless the trader adds collateral or closes it first. Bitcoin’s current setup reflects a wider pattern from recent months, in which sharp rebounds have not ended the downtrend, while each failed support test has made the next demand zone more important.
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