How low can the price of Bitcoin go?

After rallying above $73,000 at the beginning of the week, the price of Bitcoin (BTC) has fallen by more than 6% in the last three days.

According to data from Cointelegraph Markets Pro and Coinbase, BTC price fell from a high of $73,600 on September 29, falling as much as 6.55% to reach an intraday low of $68,777 on November 1.

A correction in the broader crypto market, a sell-off in Bitcoin and uncertainty over the US elections have cast doubt on whether BTC's “Uptober” gains will be reversed.

This has left market participants wondering how much lower Bitcoin prices could go if the $69,000-$70,000 support range is lost.

Analysts have set a target for Bitcoin price below $65,000.

Bitcoin's recent decline has led market analysts to believe that the pioneer cryptocurrency's price may retest around $65,000 before continuing its upward trend towards price discovery.

“Expect Bitcoin volatility in the coming days!” Bitcoin analyst Alphabetic said in an Oct. 31 post on X.

The upcoming 2024 US election and the upcoming Federal Open Market Committee (FOMC) meeting scheduled for Nov. 6 and Nov. 7 “could lead to major changes,” the analyst added.

Traders should wait until after the election results and the FOMC's rate cut decision to provide clarity on the direction the market may take, according to Alphabetic.

Bitcoin could retest the 2021 all-time high of $69,000 before continuing to a new all-time high, the analyst argued. The chart below shows the possibility of a deeper decline below $65,000 if support at $69,000 and $67,222 is not held.

“Let's tread carefully this week and keep our eyes on the prize!”

Fellow analyst Crypto Rover shared a similar sentiment, saying that Bitcoin traders would be in a bad situation if Bitcoin loses the $69,000 support level.

MN Capital founder Michael van de Pop expects the price of Bitcoin to enter the lower end of the $64,000 to $65,000 range, if this level does not hold, BTC can still retest the $60,000 level before continuing the rally.

“Last correction to $90-100K before next hike.”

At the same time, the lack of liquidity in bidding below the spot price keeps low support levels in play. Indicators from trading sources have warned that the bid support is weak, pointing to the low of $69,000.

The closest price bids were still centered around $69,000 on the Binance BTC/USDT order book.

Related: ‘Uptober' Sees 11% Bitcoin Price Rise as Traders Consider ‘Nuclear' Rally

The 20-day EMA will be a test for Bitcoin.

From a technical point of view, the price of Bitcoin is in the support zone between $69,000 and $70,000.

A loss of this support could see BTC price rally below the demand-side liquidity towards the 20-day EMA, currently at $68,082.

The 20-day EMA sits in Bitcoin's key support zone between $68,005 and $70,000. Bitcoin price lost 23% after this zone was lost, falling to $53,550 on July 5th.

IntoTheBlock reports that more than 944,200 BTC have already been purchased from more than 1.59 million addresses in this price range.

Simply put, the $69,000 level has a good chance of becoming the new local low before the next leg.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.