The latest Bitcoin (BTC) price drop has raised concerns about the 
cryptocurrency’s upcoming performance, with some analysts warning that BTC’s 
next key closes could signal the start of another major correction. Related 
Reading: Dogecoin Bottom Not In? Analyst Warns DOGE’s Macro Downtrend Won’t Be 
Over Soon Bitcoin Risks Another Major Crash On Friday, Bitcoin plunged over 7% 
intraday to a three-week low of $65,700, raising concerns about the flagship 
crypto’s short- to mid-term performance. The cryptocurrency has been trading 
between the $65,000-$72,000 levels since the early February crash. After its 
latest drop, analyst Altcoin Sherpa noted that holding the current levels is 
crucial, as losing this boundary could quickly send BTC’s price 6%-10% down to 
the next support area, around $60,000-$62,000. Several market observers also 
warned that the cryptocurrency is currently breaking down a crucial bearish 
formation, which could also trigger a massive crash to newer lows if the price 
doesn’t bounce soon. Notably, Bitcoin has been forming a bear flag pattern on 
the daily timeframe for nearly two months, retesting the formation’s lower 
boundary on multiple occasions. However, BTC now risks losing this level as 
support, as it shows multiple concerning signs. Ted Pillows asserted on X that 
Bitcoin is not only dropping in price but also losing momentum as it has lost 
its RSI uptrend. “A major sign of weakness,” he added. The analyst also 
emphasized that BTC’s breakdown “is only a matter of when, not if,” cautioning 
that the flagship cryptocurrency has already broken down of a similar two- 
month bear flag pattern at the start of the year. Meanwhile, Ali Martinez 
suggested that BTC could drop another 30%-45% based on its historical 
performance over the past decade. As he explained, Bitcoin has kicked off new 
bull runs after dropping below its long-term holder realized price, and it’s 
−0.2 standard deviation band, located at the $48,387 and $36,657 levels, 
respectively. “I’ll be watching these zones for dip-buying opportunities ahead 
of the next bull cycle,” he stated. All Eyes On BTC’s Weekly Close Analyst 
Rekt Capital highlighted another concerning sign for Bitcoin, noting that BTC 
has once again dropped below the 200-week Exponential Moving Average (EMA). 
Amid this drop, the cryptocurrency is treating this level as resistance once 
more, putting the focus on the upcoming weekly close. The analyst previously 
explained that “If the 200-week EMA is lost as support this week and price 
Weekly Closes below it again, Bitcoin could actually turn the EMA into new 
resistance.” Last week, the largest crypto by market capitalization 
technically closed below the 200W EMA after attempting to “post-breakout 
retest” it as support, but failing to end the week above the $68,000 area. 
“That means that price technically kickstarted a breakdown from the EMA,” and 
a weekly close below this level would confirm it. Related Reading: Bitwise CIO 
Projects Circle To Hit $75B Valuation By 2030 Despite Selloff, Clarity Act 
Concerns “Given this latest Weekly Close, there is therefore scope for another 
dip into the 200-week EMA for another retest to see if BTC can solidify a 
reclaim into support,” he detailed, “But the overall suspicion has become 
confirmed: The 200-week EMA is acting as both an unreliable resistance and an 
unreliable support, never truly confirming a clear role.” The analyst 
concluded that the indecisiveness could lead to further retests of this area 
“before ultimately breaking down into additional Macro Downside over time.” As 
of this writing, Bitcoin trades at $65,600, a 6% decline in the weekly 
timeframe. Featured Image from Unsplash.com, Chart from TradingView.com

Bitcoin Weekly Close On Sight As Price Drops Below $66,000 – 45% Crash Coming?

Cynthia Lummis said the CLARITY Act would protect DeFi developers as debate 
over Title 3 and money transmitter rules continues.

Cynthia Lummis says CLARITY Act would strengthen DeFi developer protections

Brad Garlinghouse said stablecoins may drive business crypto adoption as 
Ripple expands payments tools and backs clearer U.S. rules as well.

Ripple CEO says stablecoins could become business entry point for crypto

Spot Bitcoin ETFs see $296 million in weekly outflows after a month-long 
inflow streak, as macro uncertainty keeps capital sidelined.

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A new European Central Bank (ECB) working paper finds that governance over 
major decentralized finance protocols is controlled by a narrow group of token 
holders, delegates, and centralized exchanges, raising hard questions about 
who can actually be held accountable. Top 100 Holders Control 80% of DeFi 
Governance Tokens, ECB Study Finds The working paper, ECB […]

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