Groundwork For Potential Bitcoin Recovery Is Building, Analysts Say

Bitcoin had a rough weekend, erasing all gains from its previous rally, but the bottom may be in, according to analysts.

Bitcoin remains firm within its nearly two-month-long sideways channel following the weekend’s decline, when it briefly dropped below $66,000.

“Momentum remains strong, lower highs still define the short-term structure,” chain analytics provider Coinglass noted on Monday.

Analysts noted that the market appears to be shifting from an “active distribution to a neutral position,” however, there is still “limited confidence” in current levels.

“Although conditions are fragile, easing pressures on the sell side and stabilizing flows suggest that the basis for recovery is building, although strong demand is still needed to ensure a sustained turnaround.”

$BTC it retreated below $70k before finding support near $65k, with a moderate pullback back to $67k over the weekend. Momentum remains weak, low highs still define the short-term structure.

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Bitcoin Back in Accumulation Zone

CryptoQuant said on Monday that Bitcoin has dipped again in the accumulation zone.

“Whales are increasingly active on the Binance platform, putting Bitcoins in large batches that can be traded,” analysts noted.

BTC declined about 4% last week, retreating below $66,000 on Saturday and again on Monday. It recovered slightly to reach $68,000 during early Asian trading on Tuesday but appears to have found resistance there.

“The market is squeezing a bit in this $60K to $80K region,” noted analyst ‘Daan Crypto Trades’ on Tuesday.

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Meanwhile, analyst ‘Sykodelic’ remained bullish as usual, saying that Bitcoin is currently trading in “the biggest pocket it’s ever had,” in more than five years, just below the bullish structure of the high period.

Back in 2022, this was completely different, he said before adding:

“We’ve been seeing signs of a massive buildup across the country, and a tremendous amount of energy. It’s going to pass much faster than most people expect.”

Elsewhere in Crypto Markets

Crypto markets have commented a little in the past few hours, but nothing significant. According to a recent Wall Street Journal article, President Trump is willing to end the Iran War even if the Strait of Hormuz remains closed.

Ethereum prices made a small move, from $2,000 to $2,080, before hitting resistance as the asset remains weak. Meanwhile, altcoins remained flat, with low volume and further losses for XRP, Hyperliquid, and Canton.