Bitcoin is precariously slipping below $99,000, with once-solid support levels crumbling. The six-figure excitement fades as lower channels loom closer. It's no longer a question of whether BTC can hit $79,000 this year, but of when and how this correction will materialize.
The cryptocurrency market is experiencing a brutal readjustment phase. The drop below $106,400 triggered the first serious alerts, but it’s truly the break below $99,000 that confirms a radical sentiment shift. Traders who were still celebrating six-figure prices just weeks ago are now realizing that these support zones no longer represent defensible bastions.
Chart analysis reveals a clear trajectory toward the lower limits of channels established since January 2024, a period marked by the massive arrival of spot Bitcoin ETFs. These technical structures that guided price evolution throughout the year remain remarkably consistent, even during this bearish phase.
This bull run cycle stands out radically from previous ones. Historically, Bitcoin had never established a new all-time high so close to an upcoming halving. Yet, in early 2024, BTC shattered the previous record of $69,000 several months before the supply reduction event even occurred. This early breakthrough set the tone for an exceptional year, but also established unprecedented market dynamics.
Channels based on post-ETF price behavior have provided a reliable analytical framework until now. Bitcoin just broke below two critical bands that structured its bullish trajectory. The $106,400 zone had served as a backbone for months, while the $99,000 level had consolidated through intense trading activity in June.
The price is now heading toward the lower limit of the orange channel, located around $92,000. This region had recorded strong buyer participation earlier in the trend, giving it potential to slow the decline. However, nothing guarantees it will trigger a lasting rebound.
If the $90-92,000 support gives way, the next major zone sits at the level of the massive weekly Order Block, with a lower limit around $77,000. The upper boundary of this Order Block is located at approximately $88,800, making it the next support level to monitor.
Bitcoin has therefore accumulated many orders in this zone, which should serve as solid support for accumulation and a Bitcoin rebound. If it loses this area, $50,000 will be almost inevitable.
Buyers could nevertheless reappear massively in this range, especially if general market sentiment shifts toward the idea that prices below $80,000 represent an accumulation opportunity. This buying psychology could temporarily stabilize BTC before new turbulence.
Moreover, between $80-81,000 represents the average purchase price of BlackRock’s Bitcoin ETF (IBIT). This confirms this massive ETF accumulation in this price zone. A return below this level will undoubtedly force institutions into a stress zone, which could push smart money to accumulate during panic selling. The zone between $77-79,000 could therefore be crucial if it becomes reality.
Below these levels, we enter deep structural supports materialized by the red and blue channels, formed over several months of trading in 2024. They represent a range from $49,000 to $56,000, an area that Bitcoin defended repeatedly before its surge toward six figures. Reaching these levels this year would constitute an extremely severe correction, comparable to a classic cycle low that usually occurs much later in the multi-year pattern, generally around 2026 or 2027.
The mistake would be to consider that six figures now constitute a permanent floor for Bitcoin. This optimistic view ignores the reality of the current technical structure. As long as market liquidity doesn’t strengthen significantly, the lower channels remain plausible destinations.
On-chain data shows progressive distribution from short-term holders, while trading volumes decrease on spot platforms. These technical signals converge toward a medium-term bearish continuation scenario. Implied volatility remains high, suggesting the market anticipates other sharp movements in the coming weeks.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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