Bitcoin needs ‘key’ $75k support to avoid price drop amid macro concerns

Bitcoin ( $63,459.00 ) risks more downside if it loses a “key” $75,000 support amid growing concerns over a potential trade war between the United States and China.

Bitcoin ( $63,459.00 ) ’s (BTC) price has fallen more than 6.5% during the past 24 hours to sink below a low of $78,197, which was last seen on Nov. 10, 2024, Cointelegraph Markets Pro data shows.

Analysts attribute the current decline to macroeconomic concerns related to a potential trade war between the US and China caused by US President Donald Trump’s decision to impose import tariffs.

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These macroeconomic concerns were the main reason for Bitcoin ( $63,459.00 ) losing the $80,000 support, according to Ryan Lee, chief analyst at Bitget Research.

The analyst told Cointelegraph:

“ Bitcoin ( $63,459.00 ) ’s drop below $80,000 amid investor fear from Trump’s tariffs and market unrest, points to a correction likely hitting $76,000-$78,000 this week, nearing $75,000 as a key support level based on historical patterns and trader sentiment.”

Still, some analysts are concerned that Bitcoin ( $63,459.00 ) ’s correction may see the world’s first cryptocurrency revisit $70,000.

Based on its correlation with the global liquidity index, Bitcoin ( $63,459.00 ) ’s right-hand side (RHS), which marks the lowest bid price someone is willing to sell the currency for, may fall below $70,000 around the end of February, after it peaked near $110,000 in January.

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The first warning of a correction to $70,000 came from Raoul Pal, founder and CEO of Global Macro Investor, in a November X post, which also predicted that Bitcoin ( $63,459.00 ) will reach a “local top” above $110,000 in January, before heading into the current correction.

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Can Bitcoin ( $63,459.00 ) hold $75k support to avoid a plunge to $70k?

Despite the poor investor sentiment, Bitcoin ( $63,459.00 ) seems unlikely to fall to $70,000 before the end of the week.

Given continued dip buying from large institutions such as Michael Saylor’s Strategy, a plunge to $70,000 seems “less probable” without significant new downside catalysts, said Lee, adding:

“A further plunge to $70,000 is possible but less probable by March 2 without a significant new shock. The $75,000 level aligns with technical support and stablecoin buffers, while $70,000 would need sustained panic or macro deterioration beyond current pressures.”

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Still, a decline below $75,000 would add significant downside volatility by triggering nearly $900 million worth of leveraged long liquidations across all exchanges, CoinGlass data shows.

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However, Bitcoin ( $63,459.00 ) ’s current correction may last another two weeks, based on historical chart patterns analyzed by crypto analyst Rekt Capital.

“ Bitcoin ( $63,459.00 ) is in its first price discovery correction,” wrote the analyst in a Feb. 27 X post, adding:

“Depth-wise, this current -25% Price Discovery Correction has been shallower by standards of history though still quite close to the -30% mark. Duration-wise however, this 11 week pullback has been more in line with 2013 duration.”

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Assuming that the current downtrend will mimic the 2013 correction, Bitcoin ( $63,459.00 ) may face two more weeks of downside pressure.

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