Yigit Taha OZTURK 
A sharp wave of selling pressure hit the cryptocurrency markets yesterday. Bitcoin plunged in a short period from $83,000 down to $76,000, registering a decline of approximately 8%. This significant pullback has raised concerns among investors, shifting the focus to potential reversal points and key levels for a recovery. So, how much further can this decline go, and where could buyers step in?
Bitcoin Technical Analysis
One of the standout developments during this decline was Bitcoin losing the $86,641 support. After breaking this critical level, Bitcoin performed a retest move, then dropped towards the next support level—the bullish Fair Value Gap (FVG) area. Bitcoin has now completely filled this FVG zone and appears to have found temporary support. As of today, Bitcoin has recovered by 4%, climbing back to around $81,000.
However, uncertainty remains high. The most critical support level for Bitcoin lies within the lower bullish FVG zone. Specifically, the $73,468 support is seen as a crucial threshold for the coming days. Previously, breaking above this zone had triggered a rally that took Bitcoin all the way to $100,000. As a result, this area will be closely watched by market participants.
If Bitcoin loses the $73,468 level, the next potential downside target could be around $65,000. This zone acted as a significant support level before the last major rally and could once again attract buyers. However, a drop to these levels could also trigger another wave of selling pressure in the market.
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Ethereum Update
Alongside Bitcoin’s sharp movements, Ethereum (ETH) also suffered significant losses. As highlighted in previous analyses, losing the $2,037 – $1,927 support range pushed the price down to $1,700. Currently, Ethereum is trading around $1,921, trying to reclaim the $1,927 support.
A successful reclaim of this support level could lead Ethereum back above $2,000 in the short term. The $2,108 resistance level is the next key hurdle. If Ethereum breaks above this resistance, it may set its sights on $2,500 once again.
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