Crypto market analyst Joao Wedson points out that if Bitcoin breaks below the crucial on-chain data support level of $63,700, it could trigger a new round of downward trends. This level is not just a simple psychological barrier, but a structural support area formed by the long-term accumulation of on-chain fund flows and investor behavior. Once lost, the market may sequentially test $57,000, $52,400, and in extreme cases, may fall to the $48,700 range. These support levels are not fixed, but are dynamically adjusted daily based on on-chain address activity, large transfers, and changes in holdings, reflecting the real game between the bulls and bears in the market. The analyst emphasizes that when key on-chain structural levels are broken, it often marks the market entering a new round of asset reallocation, with strong holders potentially taking the opportunity to absorb, while weak holders face stop-loss pressure, thereby exacerbating price volatility. As of press time, the Bitcoin price is temporarily reported at $67,785, still above the key support, and market sentiment is strong on the sidelines.
Bitcoin Key Support Breakdown Could Trigger Bearish Signal, Analyst Warns of $63,700 Defense
Analyst warns that if Bitcoin breaks below the key on-chain support level of $63,700, it could trigger a chain reaction downwards, targeting the $57,000 to $48,700 range. The current price is still holding above, and the market is closely watching structural changes.