Bitcoin $BTC ( ▼ 2.51% ) is caught between competing macro forces, struggling to regain momentum even after briefly dipping below $67,000. A stronger than expected US jobs report helped push prices back above that mark, but traders say the bigger picture is still being driven by interest rates, geopolitics, and global liquidity.
In other words, crypto specific narratives are taking a back seat to the broader macro environment.
All Eyes on the 200-Week Moving Average
Analysts note that Bitcoin $BTC is hovering around its 200-week exponential moving average, a major technical level closely watched by systematic and momentum traders. This line often acts as a long term support zone, making it a critical battleground between buyers and sellers.
A clear break below that level could open the door to further downside. Some market watchers say a move under that threshold could lead to a retest of the $65,000 area.
Range Bound for Now, With Risks Both Ways
Despite the pressure, some see signs of stabilization after recent volatility. One base case calls for Bitcoin $BTC to consolidate in a wide range between $60,000 and $75,000 over the coming weeks as the market digests macro signals.
Still, the downside risk has not disappeared. If selling intensifies and short positions build, analysts warn that a drop toward $50,000 remains possible. That level is viewed as a major support zone where buyers might step in more aggressively.
For now, Bitcoin’s next big move may depend less on crypto headlines and more on how the global economic picture unfolds.