Summary of this article
Bitcoin outlook hinges on $66,000 support as buyers absorb selling pressure level.
Bitcoin consolidates between $65,000-$80,000 range with support near $60,000-$65,000 zone currently observed.
Sustained weakness may offer buying opportunity amid volatility and historical recovery trend.
Bitcoin extended its decline for the third consecutive day, falling to below $67,000 and marking its lowest level since April this year. The cryptocurrency is down more than 11 per cent over the past week, reflecting continued selling pressure in the market. Ethereum also traded lower, tracking the broader weakness across digital assets.
Bitcoin fell to around $66,800, down about 4.32 per cent at the time of writing, extending its weekly decline to 11.72 per cent. The broader cryptocurrency market also traded lower, with Ethereum slipping to $1,879, down 5.25 per cent in the past 24 hours and 9.55 per cent over the week. Binance recorded a decline of 5.65 per cent, while XRP fell 2.07 per cent on the day and 6.77 per cent over the week.
Solana dropped 5.58 per cent in 24 hours and 11 per cent over the week, while memecoins, such as Dogecoin also remained under pressure, falling 5.21 per cent in a day and 7.80 per cent over the week.
The total cryptocurrency market capitalisation also declined to $2.32 trillion, down 3.77 per cent in the past 24 hours, according to CoinMarketCap.
What Led to the Recent Pressure on Bitcoin Prices?
Prateek Gupta, head of business at Mudrex, said that Bitcoin near $66,000 indicates a market absorbing a combination of one-off pressures.
He noted three key factors behind the move: “Three forces converged simultaneously. Strategy’s first Bitcoin sale in three-and-a-half years, outflows of over $3.45 billion in crypto exchange-traded funds (ETFs) across eleven consecutive trading sessions, and Mt. Gox moving approximately $739 million worth of Bitcoin ahead of its October repayment deadline.”
Beyond supply-driven triggers, experts also highlight that broader capital rotation trends and macroeconomic uncertainty are influencing near-term price action.
Says Nischal Shetty, founder of crypto exchange WazirX: “Bitcoin’s move down may look concerning at first glance, but the bigger picture suggests this is more about capital rotation than a problem with crypto itself. We are also seeing additional pressure from macroeconomic uncertainty.”
He added that since 2021, there have been multiple price pullbacks before previous rallies, driven by short-term profit-taking by whales and institutional investors.
What Lies Ahead for Bitcoin After the Recent Decline?
After the recent sell-off driven by multiple supply-side triggers, the focus has now shifted to the key levels that may decide Bitcoin’s next direction.
Avinash Mishra, co-founder and CEO, Pi42, a crypto exchange, said that the $66,000 region remains a key level for investors to watch. He adds: “The next direction will likely be determined by whether buyers continue to absorb selling pressure and build momentum above current levels, or whether renewed weakness triggers another round of deleveraging. While volatility is likely to remain elevated in the near term, sustained demand at these levels could help restore confidence and lay the foundation for a broader recovery.”
Harish Vatnani, head of trade, ZebPay, a crypto exchange, said that Bitcoin is consolidating within a $65,000-80,000 range, with key support near the $60,000-$65,000 zone, while a break below could open the way towards $50,000.
He added, “Investors can view any sustained weakness as a buying opportunity, as Bitcoin has historically recovered from major drawdowns and gone on to reach new highs in bullish cycles.”
