Two sentence intro: Bitcoin revisited a long term support zone on the weekly chart, reviving debate over whether the level marks a bottom or a breakdown risk. Meanwhile, a separate four hour setup around $65,000 left traders watching for either a bounce or another leg lower.
Bitcoin tests five year support after sharp pullback, analyst cites past 650% rebound
Bitcoin slid into a long running support zone on the weekly chart after a steep drop from its recent highs, and some traders framed the move as a potential turning point. The chart shows BTC near $68,332, with a horizontal band marked as “multi year support” sitting around the high $60,000 area.
Bitcoin Five Year Support Test. Source: Broke Doomer on X (@im_BrokeDoomer)
On X, crypto commentator Broke Doomer said Bitcoin “just hit its 5 year price support” and argued that the last comparable touch preceded a 650% climb. The post pointed to the same support band acting as a key level in prior cycles, including a mid cycle reset that later gave way to a sustained advance.
However, market participants also treat the zone as a decision point rather than a guarantee. If buyers defend the level, price could stabilize and attempt a rebound toward the previous range overhead. If the level fails, the chart’s lower highlighted area around the high teens to low $20,000s stands out as the next major historical demand region.
Bitcoin tests $65K support as trader flags bearish setup and Ethereum confluence
Meanwhile, Bitcoin approached the $65,000 area on the four hour BTCUSDT chart from Bybit, where a horizontal demand zone intersects with a broader descending structure. The chart, shared by crypto trader Tryrex on X, shows price compressing inside a narrowing range while reacting to the lower boundary of a previously defined blue support band.
BTCUSDT 4 Hour Chart with Descending Structure. Source: Tryrex on X (@Tryrexcrypto)
Tryrex said he is watching for a reaction around $65,000 and plans to assess whether the level produces a constructive bounce or a breakdown. He added that the recent drop from $70,000 unfolded in a clean, impulsive move, which in his view favors a bearish bias unless buyers reclaim higher ground. The chart also outlines a projected path that includes a brief rebound toward the mid $66,000 area before a potential move lower.
In addition, the trader pointed to Ethereum forming a similar pattern, describing the alignment as confluence across major assets. The four hour structure highlights lower highs capped by a descending trendline, while the horizontal zone near $65,000 continues to act as short term support. Market participants now focus on whether this area holds and triggers a recovery inside the range or gives way and opens the door to deeper downside within the broader corrective phase.
Source: https://coinpaper.com/15026/bitcoin-price-prediction-65-k-level-wobbles-after-us-iran-escalation
