I see that Bitcoin has dropped again to $71.65k this week. The most important support level to watch is the 100-week moving average at $87,145 – this is really the line that guards the market. If it breaks below this, we might return to April levels at $76,000.

Since reaching its peak in October, BTC has fallen over 30% – a solid bearish momentum indeed. The CME gap formed last week at $89,265 is a detail to watch because historically, Bitcoin tends to fill these gaps. There are other support zones below – the Difficulty Regression Model is at $89,300, and the average cost basis of US spot ETF buyers is $84,099.

On-chain data analysis shows that the average withdrawal price in 2024 is $82,713, while the True Market Mean Price is at $80,000. This is a critical zone – if we pass through here, a deeper pullback is possible. The market is currently in a testing phase, so these supports need to be closely monitored.