Bitcoin Holds Critical Support – Could $60,000 Mark the Cycle Bottom?
Bitcoin has managed to hold several key support levels on the monthly chart, leading some analysts to believe that the correction may have already reached its bottom.
Summary:
- Bitcoin is holding an important support zone.
- The price remains above the lower boundary of the ascending channel.
- The 50-month SMA continues to act as long-term support.
- RSI is once again reacting around the 40–50 zone.
- The market is facing resistance at the 0.382 Fibonacci level.
Bitcoin Holds One of the Most Important Zones on the Monthly Chart
Bitcoin’s monthly chart continues to show a structure that, for now, remains far more stable than it appears on lower timeframes.
This is where the long-term ascending channel becomes clearly visible – a structure that has guided Bitcoin’s price movement over the past several years.
The most important detail right now is that Bitcoin has managed to hold several strong technical support levels simultaneously.
The price has remained above the 0.5 Fibonacci level – a zone traditionally considered one of the strongest support areas during deeper corrections within a long-term uptrend.
The 0.5 Fibonacci level represents approximately a 50% retracement of the previous upward move and is often watched closely by traders and institutional participants as a zone where the market begins to gradually form a bottom.
But this is not the only important support on the chart.
The same area also contains the 50-month simple moving average (SMA), as well as the support line of the long-term ascending channel.
The convergence of several major technical supports in one place is exactly what makes the current zone so important for the broader market structure.
RSI in a Zone That Has Historically Formed Bottoms
Another important signal comes from the RSI indicator on the monthly chart.
RSI managed to bounce from around the 43 level – an area that has often acted as a strong zone for forming longer-term bottoms in previous cycles.
For Bitcoin, the 40 – 50 range on the monthly RSI has historically been associated with periods when the market gradually absorbs selling pressure from corrections, while long-term buyers begin accumulating again.
READ MORE: Bitcoin Under $80,000 as Liquidations Surge Across Markets
This does not automatically mean that another decline is impossible.
However, the combination of the RSI reaction, the defense of the 0.5 Fibonacci level, and the preservation of the ascending channel is beginning to build a stronger argument that Bitcoin may have already gone through the main phase of the correction.
That is why some analysts are starting to believe that, given the current structure, the probability of Bitcoin falling back toward $60,000 or below is becoming increasingly smaller.
The First Resistance
Despite the recent stabilization, Bitcoin has not fully exited the risk zone yet.
At the time of writing, the price is attempting to break above the 0.382 Fibonacci level, located near the current price of $79,700, but is still facing difficulties.
This is relatively normal behavior after a rebound from long-term support.
Such zones often act as the first major resistance because some market participants begin taking profits or closing positions there.
If Bitcoin manages to hold above the 0.382 Fibonacci level and gradually turns it into support, that would be the first stronger signal that the market is building a more sustainable base for another move higher.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
