Bitcoin took a 5% hit Wednesday, sliding from $72,926 to roughly $69,316 and knocking the price below the $70,000 mark. The move puts BTC right on the lower boundary of a long-standing ascending channel — a support line that's held since February. Whether it breaks or bounces is the biggest question on traders' minds right now.
Price action: lower boundary in focus
The ascending channel from February's low has guided a run of higher lows through March and into April. Bitcoin even tagged a fresh high above $82,000 in early May. But momentum stalled there, and the price never built a sustained follow-through. Now it's back testing the channel's floor, and that line is critical. A clean break lower would flip the structure bearish; a hold would keep the uptrend alive — for now.
Void's two scenarios
Crypto analyst Void laid out two possible paths. If support holds, Bitcoin could rally to $79,000 and potentially push above $80,000 again. But if the channel breaks, Void expects a drop first to the $75,000 area in what looks like a trap, then a deeper decline as low as $54,000 to $58,000. That's roughly 15% below current levels.
Void also warned traders not to mistake the first bounce off support as a confirmed recovery. Bitcoin can produce a short-term rebound to as high as $75,000 even within the weakening structure, which could mislead anyone chasing a quick reversal.
Next moves
All eyes are on that channel floor in the coming sessions. If it holds, the setup stays bullish — if shakily. If it gives way, the path down to the mid-$50,000s opens up. There's no middle ground here: either the February-to-May uptrend resumes, or the correction gets a lot deeper.
