Bitcoin is hovering near a crucial technical level, raising the risk of a deeper pullback if support fails, according to market analyst Gareth Soloway, chief strategist at Verified Investing. Soloway said that while he has remained broadly bullish on Bitcoin in recent months, current price action shows the market sitting at a make-or-break zone. “The bigger pattern still matters,” Soloway said, noting that the recent short-term uptrend sits inside a larger bearish formation. “If Bitcoin confirms a break below this level, the downside risk opens up quickly.”
According to Soloway’s analysis, a confirmed breakdown could push Bitcoin into a lower support range between $74,000 and $69,000. He pointed to multiple historical price pivots in that area, suggesting it would act as the next major zone where buyers may step in. At the same time, he stressed that a breakdown has not yet been confirmed. If Bitcoin manages to hold the current trend line and rally higher, the bearish setup could fail.
A move back above the upper boundary of the current price channel would invalidate what he described as a classic “bear flag” pattern and restore bullish momentum. Ethereum is showing a similar technical picture, Soloway said. The token is trading near a short-term support line that has held multiple times in recent weeks. A confirmed break below this level, he warned, could send Ethereum toward its next major support near $2,100.
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