Here are the next major supports that traders need to watch

Bitcoin (BTC) price. It came under renewed selling pressure after failing to sustain its recovery above the $75,000 area. The recent decline has pushed the price below a key support zone, while multiple on-chain and market indicators are flashing warning signals. The price is currently trading around $71,564, down 2.73%, while trading volume has increased by more than 145%.

With Bitcoin approaching an important support area near $69,000, traders are closely watching whether buyers can step in before a deeper pullback occurs.

The most important reasons that may lead to a continued Bitcoin correction

Bitcoin fell below a major support area, while several market and blockchain indicators began to weaken. The latest data suggests buying momentum has faded, raising the possibility that the ongoing correction will extend further before a meaningful recovery takes shape. The Glassnode data below highlights that BTC’s price structure has collapsed, which is why momentum favors a downward trend in the near term.

• The realized P/L ratio decreased to -0.87, indicating that investors are making more losses than profits. This usually reflects weak confidence and increased selling pressure during correction phases.

• Price momentum has dropped near the lower band, indicating that the bullish strength has faded significantly. The indicator indicates that sellers currently have the upper hand in the short term.

• The funding rate remains positive despite the decline, indicating that traders continue to maintain their bullish positions. However, this optimism may increase liquidation risks if prices continue to decline.

• Weekly net ETF flows turned negative at around -$1.27 billion, indicating weak institutional demand. Continued outflows could reduce buying pressure in the market.

Collectively, these indicators paint a dovish picture for Bitcoin. Weak momentum, negative ETF flows, and high realized losses suggest that the correction may not be over yet, while continued bullish positions in derivatives markets leave Bitcoin vulnerable to further downside volatility.

Bitcoin Price Analysis: Charts Point to More Weakness Ahead

The technical chart also supports the bearish case. Bitcoin has broken below the major support area around $73,800-$75,800, turning the area into immediate resistance. The price is now approaching the next major support level near $69,000, which served as an important pivot level during previous consolidations.

The RSI fell near the oversold territory near 31, reflecting strong downside momentum, while the CMF remained below zero, highlighting continued capital outflows from the market. Although an oversold RSI can sometimes lead to short-term respite rallies, the broader structure remains vulnerable unless BTC reclaims the lost resistance area.

A breakdown below $69,000 could expose Bitcoin to the key demand zone around $65,000, which represents the next important support level on the chart. To prevent an extended downtrend, Bitcoin price has to defend the local support at $70,000 and start a strong rise to $75,000.

Conclusion: What’s next for Bitcoin price?

The combination of negative realized P/E ratio, weak momentum, continued ETF outflows, and bearish technical structure suggests that Bitcoin’s correction may not be over yet. While positive funding rates suggest traders are still anticipating a recovery, broader data still favors caution. As long as Bitcoin remains below the $73,800-$75,800 resistance area, the risk of a move towards $69,000 remains high. If this support fails to hold, the correction may extend towards the $65,000 demand area before a stronger recovery attempt emerges.

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