Bitcoin continues to languish within the $67,000 range, exhibiting a lack of clear direction and remaining down 46% from its all-time high of $130,000 reached on October 6. Analysts are divided over whether the cryptocurrency has already reached its low point or if it has further declines ahead.
Nic Puckrin, cofounder of Coin Bureau, commented that Bitcoin is currently in the “Hope & Fear” stage, indicating that it may not yet be trading at a sufficiently low price point. In a recent analysis for Sherwood News, Aurelie Barthere, a principal research analyst at Nansen, noted that the most dominant call strike for Bitcoin is set at $75,000. This suggests that traders are positioning themselves outside the $60,000 to $70,000 range, potentially waiting for a breakout above the crucial $70,000 resistance level.
Barthere also pointed out that option traders are showing increased caution and predict some downside risks for Bitcoin. However, they seem to be less bearish compared to ten days ago and would likely take long positions if Bitcoin manages to surpass the $70,000 resistance.
Meanwhile, Zaid Khan, managing partner at Manhattan Global Partners, shared insights on Bitcoin’s current price dynamics. He noted that Bitcoin is currently in what he describes as a “midrange chop zone,” where the daily trading edge hinges on reclaiming resistance levels or losing local support. Khan highlighted specific price levels to monitor: an immediate pivot zone lies between $67,126 and $67,478, which he refers to as the current “decision band.”
According to Khan, maintaining support in this band would suggest a gradual upward movement, while a loss of this support might lead to a decline. He identified $66,132 and $66,089 as critical support levels, with $64,807 as the next line of defense should these levels fail.
On the upside, Khan is looking at resistance levels of $69,638 and $70,673, mentioning that a reclaim of these would enhance market structure, although he does not consider it a definitive breakout. The key breakout level he defines is $72,563, stressing the need for a sustained acceptance above this mark rather than merely a brief spike.
Khan further emphasized that the current region around $67,000 represents an important macro support and buy zone. Should Bitcoin fail to maintain this area over time, the next significant macro buy zone could lie around $48,560. On the upside, he anticipates a long-term target of around $204,156, but cautioned that the market needs to stabilize above mid to upper bands and reclaim prior highs for this target to be achievable.
In terms of potential catalysts for a rally, Khan indicated that sustained demand at the spot level—rather than one-off events—and more favorable macro conditions will be crucial. He also mentioned that a reset in positioning, with funding and leverage normalizing, is vital for cleaner rallies following any market flush.
