Bitcoin’s pullback is putting two levels in focus: the 200 week moving average near $58,366 and a short term support zone around $62,600. Meanwhile, if BTC fails to hold the current retracement band, chart watchers expect the decline to extend before any meaningful bounce attempt.
BTC nears 200 week moving average as 38.2% retracement comes into view
Bitcoin slid toward a key long term support band as one chart analyst flagged the 200 week moving average near $58,366 as the next level to watch.
Bitcoin traded around $66,433 on the weekly view after a sharp pullback from its late 2025 peak. As a result, price moved closer to the 200 week moving average, a widely tracked trend gauge that often marks major support and resistance during cycle shifts.
BTCUSD Weekly Chart. Source: Man of Bitcoin on X
In a post on X, chart analyst Man of Bitcoin said BTC is “approaching the 200 MA,” which he placed at about $58,366. The analyst noted that the same area lines up with a 38.2% Fibonacci retracement zone near $56,806, a level traders often treat as a potential support pocket after large uptrends.
The chart also mapped deeper retracement lines below that band, including the 50% level near $44,386 and the 61.8% level near $34,681, while a higher marked level sat near $126,445. For now, the analyst framed the $58,000 to $57,000 region as the first major technical test if the weekly downtrend continues.
BTC slides into key retracement band as 1–2 setup faces invalidation risk
Meanwhile, Bitcoin moved into a dense Fibonacci retracement zone on the 15 minute BTCUSD chart, where several short term wave counts converge. As a result, price tested the 78.6% retracement near $66,257, an area that aligns with a local consolidation band marked on the chart.
BTCUSD 15 Minute Chart. Source: More Crypto Online on X
In a post on X, More Crypto Online said BTC reached the next downside target outlined earlier. The analyst added that further weakness would invalidate the short term 1-2 setup. Therefore, the market would shift toward a scenario where circle wave B continues to develop rather than resuming a clean impulsive structure.
Below the current band, the chart marks the next key support near $62,604, which also aligns with the lower 78.6% retracement of the broader move. Meanwhile, intermediate retracement levels sit around $64,559 at the 61.8% level and near $65,968 at the 50% level. These zones frame the downside structure while the upper resistance band remains capped near the prior consolidation shelf.
Source: https://coinpaper.com/14773/btc-price-prediction-as-58-k-200-week-ma-nears-test