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Traders say the Bitcoin decline is not over yet, and it will test the $75k support level
Mars Finance News: On May 10, after experiencing a mostly steady weekend, Bitcoin’s price began to trend upward, avoiding falling back below $80,000. But after the price rose to nearly $83,000 during the week, it failed to hold that level. Traders believe Bitcoin needs to retest the support level—and they are now reiterating this view.
Of particular interest is the “bull market support band”—two moving averages located below $80,000. Analyst Cryptic Trades said: “On lower timeframes, after being rejected at resistance zones on higher timeframes, I believe the most likely outcome is a short-term pullback to the 2-day bull market support band. In the past few months, that area has been a strong reversal zone.” He added: “As long as the price continues to stay above this support band and the broader higher-timeframe support zone (around $75,000), I believe the most likely outcome is still further upside.”
Trader Daan Crypto Trades agrees with this assessment, describing the initial breakout of the support band as a “not-so-clean breakout.”
Regarding inflation, ahead of the release of the next round of US inflation data next week, trader Killa warned that BTC’s strong price may face headwinds again. The April Consumer Price Index (CPI) will be released on Tuesday, and it is expected to reflect the ongoing impact of the US-Iran war and rising oil prices on the economy. Killa wrote on X: “Priced in.” He added: “BTC has risen after both of the last two CPI releases. However, if we look at the CPI price trend in 2025, we may see large players start reducing their risk exposure before the event.”
Support levels to watch also include areas near the bull market support band; if it is lost, $74,000 will become a target.