The next possible price action of Bitcoin is now in focus after weak momentum ensured it retested lows last seen in April 2025.
Bitcoin visited this low yesterday, contributing to a broader market bloodbath. Specifically, the premier crypto asset dropped to $72,911, a steeper price than the April 7 low of $74,441. However, BTC recovered slightly to close at $75,715.
Key Points
- Bitcoin visited the April low yesterday, dropping to $72,911 before recovering slightly to close at $75,715.
- There was a spike in the Bitcoin trading volume during the correction to the April low, suggesting growing market activity.
- The retest also coincided with the end of the US government shutdown.
- Bitcoin’s current sideways trend could continue for a little while before forming a higher low.
- Subsequently, Bitcoin could rally to the $82,000 to $84,000 range, representing 9% to 11% growth from the current market price of $75,160.
What Played Out as Bitcoin Dropped Below $73K
Michael van de Poppe, the founder of MN Fund, recently discussed this as he drew attention to some interesting developments as Bitcoin revisited this multi-month low. First, he highlighted a spike in trading volume during the correction to the April low.
Notably, an increase in volume suggests renewed market participation. Such a spike in spot trading highlights that whales are either buying or selling aggressively during the dip. The quick price rebound suggests bull buying activity to defend the support level. This is speculative and unconfirmed at this point.
Van de Poppe also noted that the retest coincided with the end of the US government shutdown. The partial shutdown commenced on Saturday and lasted for four days before the US House passed a spending bill. President Donald Trump signed this $1.2 trillion budget, which funds government agencies.
What’s Next for Bitcoin
As the market continues to consolidate, the subsequent possible price action remains a boiling question among investors. Van de Poppe addressed this, predicting what to expect next from the pioneering cryptocurrency.
His February 4 tweet suggested that this sideways trend could continue for a little while. BTC is already showing a glimpse of weakness, having retraced nearly 1% since the start of today, supporting this narrative.
However, the analyst noted that Bitcoin would hold the $74,500 support level and form a higher low at some point. Notably, this is a bullish continuation pattern and precedes a price rebound.
After this, he sees Bitcoin rallying to the $82,000 to $84,000 range, representing 9% to 11% growth from the current market price of $75,160. Meanwhile, his chart shows that sustained momentum could push BTC towards the $91,892 resistance level.
Nonetheless, this move remains speculative, and there is no guarantee it would happen. Moreover, Bitcoin trades near the $74,500 support level and could break below it to new lows if bearish momentum persists.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
