Jakarta, Pintu News – Bitcoin (BTC) has encountered a significant decline, plunging to its lowest level in recent weeks and erasing all gains accrued in 2026. The cryptocurrency is now fighting to maintain a crucial threshold that could dictate its upcoming trajectory.
Losing Key Support
In a striking turn of events on Wednesday, Bitcoin (BTC) fell to a three-week low of $87,263. The digital asset had previously been trading within the $90,000-$96,000 range, riding high after a promising start to the year. Just two months ago, it had reached an impressive peak of $97,924. However, an increase in market volatility—fueled by rising geopolitical tensions—resulted in Bitcoin losing approximately 10% of its value within a single week.
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Technical Analysis Shows Downside Potential
Traders are cautiously eyeing Bitcoin’s crucial support levels. Wealthmanager, an experienced trader, highlights that the cryptocurrency has not only wiped out its gains from 2026 but has also dipped below its annual opening price. He emphasizes the importance of defending this level in the upcoming days, as failing to do so could drag Bitcoin’s price down into the $80,000 range. Adding to the bearish sentiment, crypto analyst Jelle has noted the formation of a two-month bear flag structure on Bitcoin’s daily chart, suggesting a high probability of further declines.
Possible Repeat of 2022 Price Action
Another analyst, known as Crypto Bullet, draws intriguing parallels between the current price action and Bitcoin’s performance in early 2022. He points out that the existing price movement resembles the 2022 fractal, potentially foreshadowing a significant correction. During that period, Bitcoin saw a staggering retracement exceeding 40% from its late 2021 peak, followed by a “dead cat bounce” that ultimately resulted in a second significant drop to new lows. Nonetheless, there are notable differences this time around that investors should consider before jumping to conclusions.
What’s Next for Bitcoin?
At the moment, Bitcoin (BTC) is trading at $89,890, reflecting a modest daily increase of 1.2%. While there is some hope for a rebound that could push the price over $100,000, vigilance is paramount as critical support levels are being tested. Given the current volatile market conditions, investors and traders must brace themselves for potential worst-case scenarios while still remaining optimistic for a positive turn.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility; always conduct your own research and invest wisely. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.
