Bitcoin drops 10% to threaten new retest of 'unreliable' BTC price support

Bitcoin brought its latest correction from local highs to near 10% as skepticism over long-term BTC price support grew louder.

Bitcoin (BTC) price support could “fail” by the weekly close in a major blow to Bitcoin bulls, analysis warns.

BTC price downside versus local highs at $76,000 nears 10%.

Bitcoin brings its 200-week trend line back into focus, but little hope remains that it will rescue price.

A trader warns of “months” of ranging at current levels.

In his latest X update on Thursday, crypto trader and analyst Rekt Capital brought a long-term BTC price trend line back into focus.

The 200-week exponential moving average (EMA) for BTC/USD, currently at around $68,300, is coming in for its first retest in over a week.

“Bitcoin is pulling back in towards the 200-week EMA (black) to check if it can successfully turn the EMA into new support after having broken it as resistance last week,” he summarized.

The 200-week EMA has long been on the radar for traders. Along with its equivalent simple moving average (SMA) near $59,000, it forms a key support band for price as Bitcoin’s latest bear market takes shape.

BTC/USD has crisscrossed the 200-week EMA multiple times in 2026, but its significance remains.

“A successful retest of the EMA would fully confirm the breakout beyond it to enable future trend continuation to the upside and further build on this Macro Relief Rally,” Rekt Capital continued.

The post describes the EMA as “unreliable” thanks to price crossing both above and below it with ease.

“A Weekly Close below the 200 EMA would mean that price failed its upcoming retest to in turn strengthen the case for the EMA acting as unreliable support,” Rekt Capital concluded.

The current low-time frame BTC price trading range contains multiple important lines in the sand.

Related: $58K BTC price still in play? Five things to know in Bitcoin this week

Bitcoin’s old all-time high from 2021 is at $69,500, while its 2025 lows currently mark the start of overhead resistance at $74,500.

So far, bulls have been unable to clear sellers and continue past $76,000, and many market participants expect new macro lows to come as a result as price retreats by nearly 10%.

Updating X followers on his thoughts, trader Roman, long entertaining a trip to $50,000 or lower, said that price may form a frustrating sideways range first.

“It’s very possible we range here for months,” he warned.

$BTC 1DAlways amazed that price going up a few % can drive people crazy.Anyways, back into our range, rejected resistance once again. My only issue with thinking this WONT breakdown yet is volume is now low on the sell side.It’s very possible we range here for months. https://t.co/XqaMz3cezg pic.twitter.com/oncvXxVp4i

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Source: CoinTelegraph