History Says Bitcoin (BTC) May Fall 60% If This Key Support Fails to Hold

Bitcoin is testing a key level that has previously marked the start of major market corrections. The 50-week simple moving average (50W SMA), now near $102,000, has served as a long-term support line in multiple past cycles. Its failure has often led to extended drawdowns.

As of press time, the asset was priced at $103,000, showing a modest 1% gain over the last 24 hours. Over the past week, it has declined 7%, with daily trading volume near $61.7 billion.