Bitcoin (BTC) traded in a tight range on Monday as traders assessed mixed market signals following a surge in liquidity across markets.
Notably, over the past week, the world’s largest cryptocurrency declined by nearly 7% amid broad selling pressure across the cryptocurrency market.
However, despite this volatility, several analysts believe the world’s largest cryptocurrency could be positioning for a renewed rally, with some projections pointing to a potential move toward the $80,000 level.
According to the popular analytics site Ali Charts, roughly 10,000 BTC, valued at about $690 million, were withdrawn from cryptocurrency exchanges over a 24-hour period.
Such large outflows are closely watched by traders, as they often indicate investors are moving their coins into private wallets for long-term storage rather than selling, hinting at potential market strength.
Historically, significant exchange withdrawals have sometimes preceded price recoveries, as reduced exchange balances can tighten the available supply for immediate trading. This dynamic has fueled speculation among bullish investors that Bitcoin could soon regain momentum if buying pressure strengthens.
Meanwhile, analyst Ted Pillows warned that Bitcoin’s recent price action remains fragile.
According to him, the cryptocurrency briefly slipped below the critical $69,000 level earlier in the day, a development that could open the door to further downside if bulls fail to quickly reclaim it.
The analyst noted that a sustained break below $69,000 could send Bitcoin sliding toward the $67,000 region in short order. He also pointed to broader macroeconomic pressures, suggesting that weakness in traditional markets could eventually spill over into the crypto sector.
However, the analyst acknowledged that Bitcoin has shown notable resilience. Despite a drop in the S&P 500 and ongoing macro uncertainty, Bitcoin managed to recover toward the $71,000 zone.
While this relative strength has impressed some market watchers, Ted cautioned that the asset may still follow equities lower if the broader risk environment deteriorates.
Meanwhile, technical analyst CJ described Bitcoin’s current structure as largely range-bound, with price movements confined to lower time-frame rotations rather than decisive trend shifts.
He identified two key levels that traders are closely monitoring this week: resistance around $72,000 and a major support zone between $64,000 and $65,000.
According to CJ, his broader outlook from earlier in the month remains intact, which includes the possibility of a rally toward $80,000 before a deeper correction unfolds.
However, he emphasized that Bitcoin’s failed attempt to break above $74,000 has raised concerns that the market may have already formed a short-term top.
Additionally, the analyst said he would closely watch how Bitcoin reacts if it approaches the $72,000–$73,000 region again. A strong reclaim above $73,000 could invalidate bearish scenarios and potentially open the door for further upside.
Moreover, continued weakness could push the cryptocurrency back toward the $64,000–$65,000 support zone, where traders would look for signs of a return of demand.
Furthermore, analyst Crypto Tony suggested Bitcoin could first test the $69,400 level before extending its pullback, with a potential downside target near $66,700 if bearish momentum intensifies.
At press time, BTC was trading at $71,202, reflecting a 3.69% drop in the past 24 hours.
