Analyst: Bitcoin to Test $74K–$75K Support After Drop
Bitcoin slipped below $80,000 to about $77,900 after a 5.78% weekly decline and is nearing the $74,000–$75,000 zone that analyst Ardi warned could set the near-term trend.
Bitcoin fell below $80,000 over the weekend, trading near $77,900 after a 5.78% weekly decline. It is approaching the $74,000–$75,000 support zone that analyst Ardi warned could define the market’s near-term trend.
Ardi pointed to the range’s repeated role over the past two years: it acted as resistance during a seven-month consolidation in 2024 and later held as support in the first quarter of 2025 before Bitcoin rallied toward cycle highs near $126,000. Several major price pivots formed at the $74,000–$75,000 level across multiple time frames, the analyst noted.
Trader Alex Wacy identified $70,000 as an alternate level to watch. Wacy outlined two scenarios: holding $70,000 could underlie a rebound toward $85,000–$90,000, while a break below that mark could expose Bitcoin to a deeper slide into the $50,000–$60,000 band.
Bitcoin’s short-term market signal weakened after the asset failed to sustain a move above $82,000 earlier this month. Researcher Axel Adler Jr. reported that the Bitcoin bull-bear structure index, which tracks six indicators tied to ETF demand, trader activity, exchange flows and short-term momentum, briefly turned positive on May 6 and dropped to -23.49 by May 17.
Exchange flow data show a rise in older coins moving onto exchanges. The average buying price for those coins was about $110,851, leaving many holders with large unrealized losses after the recent drop. The share of coins bought six to 12 months ago moving to exchanges climbed to 10.54%, well above a typical level below 1%.
Market analyst Easy On Chain wrote, “Historically, this reflects investors locking in major losses and exiting the market, creating severe spot-market selling pressure.”
The combination of concentrated technical levels and increased exchange inflows from long-held positions coincide as Bitcoin nears the $74,000–$75,000 zone. Traders and analysts are monitoring short-term indicators and exchange flows as the price approaches that range.
Some market participants say a successful defense of $74,000–$75,000 could support renewed upside toward prior highs, while a decisive breach would raise the probability of a correction to lower targets cited by traders.
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