What to know:
- Bitcoin approaches critical long-term support around $60,000–$56,000, historically a trigger for major rallies.
- Short-term momentum remains weak, with RSI near oversold levels and MACD still bearish.
- Price is consolidating below key moving averages, signaling potential for further short-term downside.
Bitcoin is approaching a major level of long-term support that has traditionally been a trigger for a rally. Although Bitcoin remains in a short-term downtrend and selling pressure persists, analysts are optimistic that Bitcoin can hold up in this zone to trigger the next major bull run.
At press time, Bitcoin is trading at $70,740, with a trading volume recorded within the last 24 hours of $68.13 billion and a market capitalization of $1.42 trillion. The price has managed a minor fall of 0.07% over the last 24 hours, indicating a consolidatory phase.
Bitcoin Tests Multi-Year Key Support
On March 20, 2026, crypto analyst Ali Martinez wrote on X that Bitcoin is nearing its key trendline support, which goes back to 2017. This trendline has historically represented the beginning of large bullish trends, and its bounces in the past have provided strong returns in various market environments.
Past trends indicate that after reaching this price level, Bitcoin has risen by 963% in 2017, and by 261% in 2018. In 2020, during the stock market crash, BTC surged by more than 1,100%.
After the FTX collapse in 2022, Bitcoin has risen by 660%. Although past performance is not necessarily a guide to future performance, past trends indicate how critical this price level is.
The major support level currently rests at an estimated range of $60,000 to $56,000. As Bitcoin approaches this area, there is interest in whether the cryptocurrency can act as a base for a broader market rally, rather than merely a short-term bounce.
Bitcoin Faces Weak Momentum Pressure
Although the long-term consequences are considerable, the short-term technical indicators still suggest weakness. Currently, the Relative Strength Index (RSI) is showing a value of around 35. This is a sign that the asset is getting close to being oversold.
Also, BTC is currently trading lower than various key moving averages like $82,642, $87,453, and $98,405. Therefore, the downtrend is continuing in the broader market structure. The price is also trading lower than the 200-day moving average, priced at $59,000. It indicates that stronger support levels are still available at lower price levels.
The momentum indicators, including the Moving Average Convergence Divergence (MACD), are still in bearish territory, with the MACD line continuing to trend below the signal line.
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BTC Reaches Key Support Juncture
Overall, Bitcoin is at a juncture where short-term weakness meets long-term support. It is possible that the asset may be able to hold up at this key level, thereby providing the foundation for a broader bullish cycle. However, it is also possible that the price may drop before the start of a new uptrend.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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