Bitcoin started the week with a sharp drop, reversing the previous week’s gains. While the cryptocurrency has since found some support, bringing relief to investors, one crypto analyst is warning against excessive optimism. A single wrong move could see Bitcoin fall to $66,900 (approximately €57,000).
Bitcoin Trading in a Narrow Price Range #
Bitcoin fell sharply over the weekend. On Monday, it was down 4.5%, with the broader crypto market also taking a hit. The BTC price even briefly dipped below $84,000 before staging a slight recovery. At the time of writing, Bitcoin is trading at $86,731.
Despite the decline, the price is roughly where it was a week ago, indicating that Bitcoin is stuck in a narrow price range between $86,000 and $92,000, where these levels are acting as strong support and resistance.
It’s not surprising that Bitcoin is in this tight range. The coin is buckling under strong selling pressure, according to data from Glassnode. Long-term holders are selling en masse. On December 1, the net position of this group decreased by 194,600 BTC.
Short-term traders are absorbing some of the selling pressure, but not enough to generate upward momentum for Bitcoin. This group now holds more than 2.6 million BTC, but since these are short-term holders, this supply could be dumped back onto the market just as quickly.
Cryptocurrency Threatens to Sink Further #
The indecision in the market is causing the price to threaten breaking through a key support level. An important support zone lies between $83,000 and $84,000. If Bitcoin falls below this level, the path would be clear for a further decline.
Technical analyst Ali Martinez also sees the risk of a further price drop for Bitcoin increasing. “Below $83,300, Bitcoin has very little support until $66,900,” the crypto expert warns.
Martinez bases his view on the distribution of average purchase prices, showing that they are mainly concentrated around $83,300. It’s not until around the $70,000 mark that a new concentration appears, suggesting buyers might re-enter the market there.
Below $83,300, Bitcoin $BTC has very little support until $66,900.
— Ali (@ali_charts) December 2, 2025