Bitcoin has dropped into a zone of potential price support, according to three technical analysis tools. A long-term trendline, the 200-week moving average, and the 61.8% Fibonacci retracement now converge between $58,000 and $62,000. When separate measures line up like this, traders tend to take notice. The chart below shows the three levels and how they line up.
Source: TradingView (BTCUSD, Bitcoin all time history index).
1. The downward sloping trendline retest (black dashed line, in the chart)
The line connects bitcoin’s all-time high of $126,219 with its January 2026 high of around $98,000 per coin. If you extrapolate that line further in time, you get the downward-sloping trendline.
Some traders use trendlines to track the downward momentum of an investment. So when bitcoin broke above it in April, it was a sign that the downward momentum was stalling. After breaking the trendline, the price sometimes returns to retest it from above. That’s what bitcoin just did – and so far, the line is holding as support.
2. The 200-week moving average (teal line)
The trendline also intersects with bitcoin’s 200-week moving average, which tracks bitcoin's average closing price over the past 200 weeks. The line moves slowly week to week. And it’s now at around $62,000.
In past bitcoin bear markets, the 200-week moving average has acted as a long-term support region. There's no guarantee it will hold this time, but it's a level long-term investors watch.
3. The golden ratio
The golden ratio is the 61.8% Fibonacci retracement. To find it, you take the full move from the last bear market low ($15,474) to the bull market high ($126,219). That gives you a rally of $110,745. The 61.8% level is where bitcoin gives back 61.8% of that rally ($68,440). Subtracting $68,440 from the $126,219 high puts the Fibonacci level at $57,778.
Many traders treat the golden ratio as a major support area. So far, that’s still the case.
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