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Bitcoin is hovering near a crucial technical level, raising the risk of a deeper pullback if support fails, according to market analyst Gareth Soloway, chief strategist at Verified Investing.
Soloway said that while he has remained broadly bullish on Bitcoin in recent months, current price action shows the market sitting at a make-or-break zone. Bitcoin briefly slipped below a trend line earlier this week before moving back above it, a development he described as encouraging but far from decisive.
“The bigger pattern still matters,” Soloway said, noting that the recent short-term uptrend sits inside a larger bearish formation. “If Bitcoin confirms a break below this level, the downside risk opens up quickly.”
Bitcoin Faces Risk of Deeper Pullback
According to Soloway’s analysis, a confirmed breakdown could push Bitcoin into a lower support range between $74,000 and $69,000. He pointed to multiple historical price pivots in that area, suggesting it would act as the next major zone where buyers may step in.
At the same time, he stressed that a breakdown has not yet been confirmed. If Bitcoin manages to hold the current trend line and rally higher, the bearish setup could fail. A move back above the upper boundary of the current price channel would invalidate what he described as a classic “bear flag” pattern and restore bullish momentum.
Ethereum Tests Crucial Support
Ethereum is showing a similar technical picture, Soloway said. The token is trading near a short-term support line that has held multiple times in recent weeks. A confirmed break below this level, he warned, could send Ethereum toward its next major support near $2,100.
“If that level gives way, the downside could accelerate,” Soloway said. On the upside, any rebound would likely face resistance along a descending trend line that has capped recent rallies.
XRP Holds, but Support Is Critical
XRP has been more volatile, after a short-term breakout earlier this month was followed by a sharp pullback. Soloway said the focus now is on a clearly defined support zone between roughly $1.77 and $1.61.
“As long as that zone holds, bulls still have a case,” he said. However, a decisive break below that range could expose XRP to much steeper losses, with little meaningful support until much lower levels. On the upside, Soloway identified $2.20 as the first major resistance area traders should watch.
“I don’t care about being bullish or bearish,” he said. “The charts tell us where the odds are, and right now, several major crypto assets are sitting at levels that demand close attention.”