After months of relentless selling pressure, some of Wall Street’s top technical analysts believe Bitcoin could finally be laying the groundwork for its next major move.

Bitcoin has spent nearly two months trading in the low-$60,000 range after tumbling from its October all-time high of roughly $126,000. While the world’s largest cryptocurrency remains about 50% below its peak, several respected market technicians now say recent price action offers the strongest evidence yet that Bitcoin’s prolonged decline may be nearing an end.

The shift in sentiment comes as momentum indicators begin improving despite Bitcoin’s inability to reclaim key resistance levels, raising hopes that the cryptocurrency is entering a long-term accumulation phase.

Technical Indicators Suggest Selling Pressure Is Fading

According to Oppenheimer technical analyst Ari Wald, Bitcoin is beginning to show characteristics commonly seen when major market bottoms develop.

Earlier this year, Wald viewed Bitcoin’s rally toward $83,000 as an opportunity for investors to reduce exposure ahead of further downside. Since then, however, Bitcoin has stabilized above approximately $58,000, even after surrendering about 60% of the gains generated during its powerful 2022-2025 bull market.

Wald pointed to a bullish divergence in Bitcoin’s weekly Relative Strength Index (RSI), a widely followed momentum indicator that measures the speed and strength of price movements.

When prices continue falling while RSI begins improving, it often signals that selling momentum is weakening, even before prices reverse higher.

“We expect additional consolidation until Bitcoin can reclaim its 200-day average and cannot rule out a final leg lower similar to Q4 2022,” Wald said. “Still, recent action represents the most constructive evidence of a developing bottom we have seen thus far.”

The $72,000 Level Remains the Critical Hurdle

Despite the improving technical backdrop, analysts caution that Bitcoin still faces an important test.

The cryptocurrency remains below its 200-day moving average, currently sitting near $72,000. Many institutional investors view this long-term trendline as one of the market’s most important indicators of whether an asset is in a bull or bear market.

Until Bitcoin decisively moves back above that level, many chart analysts remain cautious.

Not Everyone Believes the Bottom Is In

Wolfe Research technical analyst Read Harvey remains skeptical that Bitcoin has completed its decline.

Harvey noted that Bitcoin has repeatedly failed to regain its downward-sloping 200-day moving average since losing it late last year.

He believes recent gains could simply represent another temporary relief rally before prices move lower again.

Harvey also continues to follow Bitcoin’s historical four-year market cycle, which has often featured three years of gains followed by one year of significant declines.

If that historical pattern continues, Harvey believes Bitcoin could ultimately fall below $40,000 before reaching its next major bottom, potentially sometime around October.

Momentum Is Beginning to Shift

Fairlead Strategies founder Katie Stockton also sees encouraging signs beneath the surface.

While Bitcoin recently registered fresh price lows, Stockton said one of her preferred momentum indicators has started improving instead of deteriorating.

That divergence suggests bearish momentum is weakening and increases the probability that Bitcoin is transitioning from a selling phase into a longer-term base-building process.

According to Stockton, Bitcoin’s cyclical downtrend appears to be maturing, with long-term oversold conditions supporting the idea that a sustained recovery could eventually develop.

Why This Matters for Investors

Technical analysis cannot predict future prices with certainty, but momentum indicators often provide valuable clues about changing market psychology before price trends fully reverse.

The growing agreement among multiple technical analysts that Bitcoin’s downside momentum is slowing could be significant, particularly after months of persistent weakness.

However, most analysts also agree that confirmation remains necessary.

For many traders, reclaiming the 200-day moving average near $72,000 would represent a meaningful technical milestone and could signal that buyers are beginning to regain long-term control.

Until then, Bitcoin may continue experiencing periods of sideways trading and elevated volatility as investors wait for clearer evidence that the bear market has truly run its course.

Key Takeaways

Bitcoin has traded near $60,000 for nearly two months after falling roughly 50% from its record high.
Oppenheimer and Fairlead Strategies see improving momentum indicators that suggest a long-term bottom may be forming.
Bitcoin remains below its critical 200-day moving average near $72,000, a key resistance level closely watched by institutional investors.
Wolfe Research believes another decline remains possible and continues to target a potential bottom below $40,000 based on Bitcoin’s historical four-year cycle.
Analysts agree that while conditions are improving, confirmation of a new bull market has not yet arrived.