Bitcoin is moving in a pivotal zone. Below $70,000, the market is looking for a point of balance after several weeks of pressure. A recent analysis highlights the role of investors who entered in the first half of 2024, whose positions concentrated between $60,000 and $69,000 are stabilizing prices for the moment. At the same time, some traders anticipate a move towards $52,000. Between structural support and risk of rupture, the short-term trajectory remains uncertain.
In brief
- Bitcoin is moving below $70,000, in a phase of fragile balance where each technical support becomes strategic.
- H1 2024 buyers are defending the $60,000–69,000 zone, identified by Glassnode as a dense area of demand.
- The selling pressure has been absorbed for the moment, as investors close to their equilibrium threshold have not capitulated.
- However, some traders anticipate a further correction towards $52,000–53,000, potentially in the coming days.
H1 2024 buyers defend the $60,000–69,000 zone
While bitcoin has just lost 55% of open interest, in its latest edition of “The Week Onchain”the Glassnode analytics platform identifies a key area which would currently absorb the selling pressure.
THE main advanced elements are as follows:
- Bitcoin is trading around 45% below October 2025 all-time highs;
- The price has fallen below the True Market Mean located around $80,000;
- A “dense demand zone” ranges from $60,000 to $69,000;
- This zone corresponds to the consolidation phase of the first half of 2024;
- Investors who accumulated during this period have held their positions for more than a year.
Glassnode precise “A closer look at the price action since the breakout below the True Market Mean shows that the downside pressure has been largely absorbed within a strong demand zone between $60,000 and $69,000.”.
The report adds that “the positioning of this group of investors close to their equilibrium threshold seems to have alleviated the additional selling pressure”contributing to the installation of a lateral structure since the end of January. At this point, no major capitulation has been observed within this cohort.
Traders anticipate further correction towards $52,000
Alongside this absorption zone, several market participants believe that the current support could give way. Trader Roman projects a short-term bearish scenario. He declares: “I expect a quick rebound to reset the indicators, then an immediate resumption of the decline. I remain convinced that $52,000–53,000 will be reached in the week or in the coming days”. His hypothesis is based on a temporary technical rebound in bitcoin intended to reset certain indicators before a resumption of the decline.
The shared chart reveals the RSI and MACD indicators in four-hour time frame. Additionally, the weekly RSI reached qualified levels “an event that only occurs once per cycle”. These technical signals fuel the idea that a test of lower levels remains possible, regardless of the behavior of holders in the first half of 2024.
The market remains hanging on its key supports. If the $60,000 zone were to give way, the $52,000 scenario would gain credibility. Conversely, continued absorption would reinforce the ongoing stabilization. In the coming days, the price of bitcoin will tell whether this phase marks a simple plateau or the prelude to a new impulse.
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