Bitcoin Faces Key Support Test as Analysts Warn of Possible Drop Below $65,000

Bitcoin is trading near a critical price zone, with analysts warning that a failure to hold current support levels could trigger a deeper correction in the weeks ahead.

The $71,000 area remains the most important support level for Bitcoin. Maintaining this zone could prevent a larger decline and keep the broader bullish structure intact.

Bitcoin is trading around $74,060 at the time of analysis, well above its February low of $60,000. However a break below support could open the door for a move under $65,000.

Analysts Split on Bitcoin’s Next Direction

The debate continues among market participants over whether Bitcoin’s February low marked the bottom for 2026 or if further downside remains possible.

The current market structure differs from the breakdown seen in February because resistance levels are showing stronger support.

Bitcoin ETF Outflows Remain in Focus

Investor sentiment has also been affected by continued withdrawals from spot Bitcoin exchange traded funds. Since May 15, spot Bitcoin ETFs have recorded ten consecutive trading days of net outflows totaling more than $2.97 billion.

During the same period, total assets held by spot Bitcoin ETFs declined from $104.29 billion to $94.17 billion, reflecting a drop of roughly $10 billion. Some market analysts believe the heavy outflows could signal peak investor fear and potentially indicate that a market bottom is forming.

If Bitcoin successfully holds current support levels, analysts say a move toward $76,600 could follow, increasing the possibility of renewed strength across the wider cryptocurrency market.