A decade-old rising wedge that began in 2017 now has its lower support near $70,000 after holding through the FTX crash in November 2022 (when BTC hit $15,400) and multiple 2026 tests at $60,000 in February and roughly $64,900–$65,000 in March–April; Bitcoin recently dipped below $74,000 and analyst MichaelXBT warned on May 27, 2026 that a confirmed break below $70,000 would likely trigger the largest weekly red candle in years. Veteran analyst Michaël van de Poppe says the move looks like standard end-of-month rebalancing after a $77,000 rejection rather than a collapse, but he admits a failure to hold key support could push BTC toward the low $60,000s, underscoring crypto market price risk for traders, CEXs and institutional flows.

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Bitcoin has bounced back from the $70,000 zone multiple times in 2026, but analysts are warning that the next test of that level could end differently.

A Line That Has Held Since 2017

The lower boundary of a rising wedge pattern — a trendline that first appeared as support in mid-2017 — has absorbed several sharp drops over the years.

Bitcoin touched it during the FTX-driven crash of November 2022, when prices fell to $15,400, and the line held. It held again three times in the opening months of 2026, at $60,000 in February, then at $64,900 and $65,000 in March and April.

Crypto market commentator MichaelXBT brought renewed attention to the pattern after Bitcoin dropped below $74,000 for the first time in over a month.

Based on his chart analysis, the support trendline now sits around the $70,000 mark, and a confirmed break below it would be historically significant.

Bitcoin 10-Year Wedge Support: $70k

If that level breaks, bears will be handsomely rewarded.

It will ignite the largest red weekly candle Bitcoin has seen in years.

History will be made. pic.twitter.com/0HqImRTD4s

— Crypto Michael (@MichaelXBT) May 27, 2026

“If that level breaks, bears will be handsomely rewarded,” he said.

What A Break Could Mean

MichaelXBT says a breakdown would trigger the largest weekly red candle Bitcoin has seen in years. He stopped short of naming a price target or estimating how far a drop might extend, but his view is that the event would be a notable moment in the asset’s history.

The wedge pattern at the center of his analysis is formed by two converging trendlines moving upward, with the lower one rising faster than the upper. When prices break below the lower line, the pattern is generally read as a sign that bullish momentum has run out.

Not Everyone Sees Collapse Coming

Michaël van de Poppe, a veteran crypto market analyst, pushed back on the more bearish readings. He described what markets are going through as a standard end-of-month correction, driven largely by asset managers rebalancing their portfolios.

Bitcoin faced rejection at $77,000, he said, and the pullback that followed fits a familiar pattern rather than a breakdown signal.

Van de Poppe acknowledged that if Bitcoin fails to hold his key support area, prices could slide toward the lower range of the $60,000s. But he was direct in saying current weakness alone is not enough to call a new low.

Featured image from Pexels, chart from TradingView

Read the article at NewsBTC