#当前行情分析：抄底还是观望？  As macro pressures mount, Bitcoin’s search for a potential bottom is focused on $70,000.

As Bitcoin sets potential lows in its new bull market, the $70,000 level stands out as a notable reversal point.

Popular crypto analyst Rekt Capital suggested in an analysis on April 7 that the BTCUSD  could form a base near its previous all-time highs in 2021.

Historical data points to $70,000

According to Rekt Capital, Bitcoin could fall to $70,000 before recovering, and that would still be within historical norms. The analyst examined Relative Strength Index (RSI) data to determine where the current bull market correction could end.

“When Bitcoin’s daily RSI drops below 28, it doesn’t necessarily mean the price has bottomed. Historically, the real bottom would be between 0.32% and 8.44% lower than the price reached when the RSI first bottomed.”

The analyst noted that Bitcoin is currently forming a second low, about 2.79% below the first low, according to the RSI. If this rate reaches the deepest gap in historical examples, the potential bottom could be around $70,000.

The RSI is considered a classic leading indicator that signals major price reversals. Generally, levels of 30, 50 and 70 are seen as critical thresholds. Below 30 is interpreted as “oversold” and above 70 as “overbought”.

The daily RSI is currently measured at around 38 and has been rejected by 50. The weekly RSI has fallen to its lowest level since the bull market began in early 2023 at 43.

Rekt Capital also emphasizes that BTC doesn’t necessarily have to fall to $70,000 for a long-term bottom to form:

“As a result, historical daily RSI trends in this cycle suggest that any level from current prices to $70,000 is likely to be the bottom of the correction.”

BTCUSD

last traded at $70,000 in early November 2024. This level is strikingly close to the highest level seen since the previous bull market ended three years ago.

Macroeconomic trends put pressure on BTC

According to previous data, the $70,000 level is considered a key support point in the current correction process. Technical metrics such as Lowest Price Forward also suggest that this level is likely to remain as support.

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However, network economist Timothy Peterson paints a pessimistic picture of the short-term BTC price outlook. He warns that macroeconomic trends in the US could push the

BTCUSD pair back to $70,000 in a short time.