Bitcoin Drops Below 200-Day MA – Next Key Support Lies At $66K According To Mayer Multiple
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Bitcoin (BTC) is under severe sales pressure and lost its $85,000 level a few days ago. This segmentation has pushed the market to its lowest level since November 2024, increasing investor fear and uncertainty. The entire cryptocurrency market has been struggling with pressure from negative macroeconomic conditions and overall risk sentiment changes.
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As fears of the global trade war and unstable economic decisions continue to make up for investors, U.S. President Trump’s policies have increased volatility and instability. The U.S. stock market has fallen to its lowest point since September 2024, further fueling concerns that wider financial markets are weakening, delaying Bitcoin and other cryptocurrencies.
According to GlassNode data, Mayer multiplier shows that Bitcoin’s next key support level is $66,000. If the current sell-off continues, BTC can test that level in the next few weeks, marking a significant correction to its recent high.
and Bitcoin is at the key pointTraders and investors are closely watching whether BTC can stabilize and recover key levels, or whether it will fall further. The next few days will be crucial to Bitcoin’s short-term prospects.
Bitcoin struggles below 200 days of MA
Bitcoin has been on a steady downward trend since late January, and fear has dominated investor sentiment. Now, many believe that the bull cycle is over as BTC continues to set lower highs and break key support levels. As sales pressure increases, the market remains under bearish control, with lower targets set by cautious investors.
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Since the US election held in November 2024, macroeconomic uncertainty and volatility have been the main driver of the market. Global trade tensions, unstable economic policies and a wavering increase in investor confidence have all contributed to the expansion correction of Bitcoin. As U.S. stock market struggles, Bitcoin has failed to find the momentum needed to recover.
Top analyst Ali Martinez Shared insights on Xstressing that Bitcoin is now trading below the 200-day moving average, is a major technical indicator that usually marks the direction of long-term trends. According to Mayer Multiple Multiple, the next major support level is $66,000. If BTC fails to stabilize current levels, further sales pressure may put Bitcoin into this lower support zone over the next few weeks.
To reversal Bitcoin’s downward trend, the Bulls had to recover their 200-day MA by about $83,500. Breakthrough and staying at this level will show that the strength is back on the market and can prevent further shortcomings. However, if BTC cannot recover momentum, fear and uncertainty will continue to lower prices, which is crucial to Bitcoin’s market structure. Investors are paying close attention to price action, as Bitcoin is still at a critical point that could define a mid-term trend.
BTC Eyes $85K Recovery
Bitcoin is currently trading at $81,700, losing a 200-day moving average (MA) of $83,450, a major technical level that previously supported its bullish momentum. With BTC now trading below this key indicator and the market is still under bearish pressure, traders are paying close attention to signs of potential reversals.
To regain control of the Bulls, BTC must recover $85,000 in the next few days. A strong push above this level will indicate new buying interest, potentially laying the foundation for the resumption of the rally. However, if BTC fails to exceed $85,000, the market may see further downward pressure.
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If BTC drops below the 80,000-$78,000 range, it will increase the likelihood of a drop in the next major support level to $75,000 to $72,000. Such a move will aggravate bearish sentiment and delay any opportunity to recover meaningfully in the short term. The next few trading sessions will be crucial as Bitcoin remains in a vulnerable position, namely, the regeneration of critical levels or deeper corrections are coming.
Featured images from DALL-E, charts from TradingView
