Bitcoin risks drop to $72K as demand metric hits 2026 lows

[Oshosondy]

That was how I saw the title on the news, but the news is not the discussion for today.

The discussion is about bitcoin not getting the red candle this month yet. I do not know if it is more, but within 2 or 3 days now, bitcoin has fallen below this month open price, but within few minutes, it is bouncing back above the opening price and getting above $77000.

Bitcoin going to $72000 after the strong support?

For fun.

[Ndabagi01]

This market just can’t stop to amuse one. The month of May has been projected by many to be a month of bullishness for Bitcoin, that’s for the market to end in a bullish candle. The performance of the market hasn’t been so great of recent, so many may have started having a negative notion towards what they speculated about the market before now. The resistance level above $80K looks to have been broken to have Bitcoin hold a support around there, I’m surprised it looks to be going back to $72K again. Whatever the case may be, I think the market will still not have a discouraging end by end of the month.

[BitMaxz]

Bitcoin going to $72000 after the strong support?

Which one did you say has strong support? I mean, are you talking about the $75k as strong support?

I have different views here:
For technical analysis in a shorter view (lower time frame), the selling volume is dropping, and the price becomes stabilized and in an uptrend Fibonacci; the price hits the 50% level and rejects.

For on-chain analysis heatmaps, there is a lot of liquidity below $74k. Keep in mind that the market is always drawn to liquidity; it acts like a magnet.

There's also a minor liquidity around $78k; it seems the market wants to wipe them first before the price is going to fall and retest the $70k level.

So, for this data I still go with bearish for now, since the fundamentals could always change the market even if you are pro TA.

The around $70k level is also a retracement level for the uptrend, but for the daily time frame, we are still bearish.

[Oshosondy]

Which one did you say has strong support? I mean, are you talking about the $75k as strong support?

Let us say bitcoin opened at $76330, immediately bitcoin is getting below the price, it is bouncing back above $76330. I have noticed this happened 3 times in just few days ago, less than a week.

The last was on 24th of May which was yesterday, bitcoin went to $76100 and bounced back above $76330 not long after after it went below the price.

[Sammysmart001]

The title is giving a panic vibe but didn’t match the post.
The real  gist here now is the bounce back that above the monthly open. Price isn’t giving the proper breakdown even with low demand metric. This shows that sellers are weak.
Four green month go come straight if we close September above $77k. But most of the time this kind of structure no Dey sup, for now it just a wick chasing liquidity

Will love to ask this question do we really think low demand together with price holding is accumulation? Or market do wait for news before a next movement

[Jaweria parveen]

Let us say bitcoin opened at $76330, immediately bitcoin is getting below the price, it is bouncing back above $76330. I have noticed this happened 3 times in just few days ago, less than a week.

The last was on 24th of May which was yesterday, bitcoin went to $76100 and bounced back above $76330 not long after after it went below the price.

Bitcoin’s performance was similar last week and it was mostly on Saturday and Sunday so it was hovering between these two prices. Even after that the price is still going up and is currently trading at $77,261 and similarly if the market closes on Sunday then the market on Monday could go up. At the moment small green candles are visible and if it continues like this throughout the week then it can fetch a good price. It will take a long time for it to happen but in the coming days some good price should be fetched which is close to $80,000.

[Cryptohygenic]

That was how I saw the title on the news, but the news is not the discussion for today.

The discussion is about bitcoin not getting the red candle this month yet. I do not know if it is more, but within 2 or 3 days now, bitcoin has fallen below this month open price, but within few minutes, it is bouncing back above the opening price and getting above $77000.

Bitcoin going to $72000 after the strong support?

For fun

The price falling to $72,000 and lesser at this support level is possible but from my view it can not be comprehended of when it will be.
We have just watched the sudden pullback and pull up within the couple of days, just the trajectory volatility of the market makes it unpredictable even after the examinations of the events triggering the changes which we should be assumed to be unverified speculations.
Recently there had been much number of institutions selling off some shares of their bitcoin portfolios which by analysis contributed to the unresolved market declines and so on others are buying and ascertaining the market the support level.

[GeorgeJohn]

The price of Bitcoin has been fluctuating since last year, Even this year we have not recorded a massive bullish since this year...So do not think that the price of Bitcoin will keep on accelerating in price...If you see the price of Bitcoin at 70k, that doesn't mean that price of Bitcoin will decrease more at the moment...At such point their's every tendency that the price might increases or not...

Another thing some of us have to know about Bitcoin is that, we should know that the price of Bitcoin can be influenced..because some of the Bitcoin predictors have speculated that bitcoin price will not cross 70k before the month ends, but surprisingly Bitcoin price is at 77k as of today...So that's why i find it very difficult to believe Bitcoin predictors...because market of bitcoin can change at any time.

[GreatArkansas]

That was how I saw the title on the news, but the news is not the discussion for today.

The discussion is about bitcoin not getting the red candle this month yet. I do not know if it is more, but within 2 or 3 days now, bitcoin has fallen below this month open price, but within few minutes, it is bouncing back above the opening price and getting above $77000.

Bitcoin going to $72000 after the strong support?

For fun.

For me, yes, on this level, $70,000 - $72,000 will be a strong, significant support in the short term.
These past few months, what I observed is that every $10,000 level is acting as a significant support and resistance for Bitcoin.
 
As long as we are still in $70,000+ level till end of the month, I am still bullish for Bitcoin mid term - long term.

[Sexylizzy2813]

Bouncing back whenever Bitcoin price drops is always happening and if they say something like Bitcoin will get back to the current ATH then you have to wait a long time for that to happen, I mean the market movement will even convince you more. Red has been the top man on the chart for a while now and there's nothing we can do other than wait for the green to come up and make a run for a more positive amount. When I saw Bitcoin price at $82k I said to myself that the market is just teasing us , is like it will get to $90k any time soon but before we know it, it has dropped to $79k and now what do we have? $76k as the current price, it will make a change but for me this month has failed for now getting up to $85k and above, we should wait for next month.

[maydna]

If Bitcoin drop to $72,000, could makes panic some people as they are not ready with that. But some people will thinks that is a good time to buy a lot so people should not panic but preparing for the bad time and be ready with their money. I feels this year could be more interesting seeing the price goes down and up and down and makes our heart beat faster. But no need to worry even if the price down below $76,100 or $72,000 and just prepare your money to load any amount you can.

[BitMaxz]

Let us say bitcoin opened at $76330, immediately bitcoin is getting below the price, it is bouncing back above $76330. I have noticed this happened 3 times in just few days ago, less than a week.

The last was on 24th of May which was yesterday, bitcoin went to $76100 and bounced back above $76330 not long after after it went below the price.

That is normal behavior when the market absorbs liquidities at that price; there is always a bounce after absorbing them, but if the momentum remains bearish after absorbing them, expect the price to fall a bit more.

Go with the longer view or higher time frame to check for momentum; it is still bearish, even though it has rejected that support. My support is $75k; if price breaks this, it will retrace slightly before continuing to fall.

I'm using the daily time frame and 2 indicators, both RSI and MFI combinations, to check momentum in the daily time frame.


Honestly, I also have doubt about the $70k level being a retracement level for a bullish trend; the price should retest this zone to form a healthy uptrend. This is my 4-H time frame view. While the price is not making any lower low, the price is still in an uptrend, contradicting the daily time frame where we are still bearish due to the Fibonacci sequence. Other traders have other views; we shouldn't go against the majority because we are small traders. That is why I always follow where the momentum is, and using those Fibonacci sequences is to determine the possible direction the price is going when trading. I also go with bias. 
A volume profile also will give you insight into where the price possibly bounces. I'm just combining them, but I am not using them for entries; that's not my conditions and rules. I'm using them for analyzing and to confirm my bias.

That's why you need multiple knowledge, honestly, when trading, but my entries are simple: always go with retracements when confirmed uptrend or downtrend.

[EluguHcman]

This market just can’t stop to amuse one. The month of May has been projected by many to be a month of bullishness for Bitcoin, that’s for the market to end in a bullish candle. The performance of the market hasn’t been so great of recent, so many may have started having a negative notion towards what they speculated about the market before now. The resistance level above $80K looks to have been broken to have Bitcoin hold a support around there, I’m surprised it looks to be going back to $72K again. Whatever the case may be, I think the market will still not have a discouraging end by end of the month.

Of course the market can be dramatic that it may show some signals like it is moving according to your Speculations but as it may always be on the reverse and biased, it will keep failing as many as thought they can predict the market will always fail.

April was seemly the bullish month with the price almost breaking the $80K resistance but with the support momentum was not was strong enough to push price further before the month wrapped up which I think that reflected to the decline of the month of May.
Quite awful, I never expected the month to be bullish because of that but though, the vice can still happen while Speculations remains uncertainty.

[DPHOR]

I do not see much Bearish movement on this month of May compared to the past months where Bitcoin nearly drops to the price of 62k, as I know for this month of May I have not seen Bitcoin dropping to the hand of 69k rather it has managed to sustain the price level of 75-79k which I believed that it would never exceed that price for this Month.
I just hope that the coming month should be bullish where we could see the price going above 80k to break out 90k, of course whatever that pushes the market to break through 90k then 100k would be certainly confirmed.