Traders say Bitcoin still due for ‘next leg lower’ targeting $46K BTC price

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Bitcoin’s
BTCUSD
failure to close the week above the 200-week exponential moving average (EMA) on Sunday put it at risk of another downward leg over the coming weeks or months.

Key takeaways:

Bitcoin price signals “structural weakness” with failure to close week above a key trend line.

Analysts say the next breakdown clears path for another sell-off toward $46,000.

The $47,000 level features as a deep structural support for Bitcoin.

Bitcoin price weakness sparks sub-$50,000 targets

Data from TradingView showed
BTCUSD
trading at $71,190, or 6% higher than its intraday low of $67,300.

The pair had failed to produce a weekly close above the 200-weekly EMA on Sunday, currently at $68,300, suggesting that last week’s relief rally to $76,000 was a possible bull trap.

There is evidence of profit-taking every time Bitcoin rises to key accumulation levels, and commenting on the current market setup, many traders warned that any downside could snowball quickly.

“$BTC broke down from the rising wedge over the weekend,” said analyst Jelle in a Monday post on X, adding:

“Consolidate here for a day or two, and those untapped lows look ripe for the taking.”
The analyst was referring to the area between the local low of $65,500 and the range low of $59,930 reached on Feb. 6.

“BTC has lost the EMA50 once again, and the global crisis feels more insecure today than it did 2 weeks ago,” fellow analyst Stockmoney Lizards said in the latest Bitcoin analysis on X.

Combined with the technical weakness, “it looks like we could be revisiting the sub-$60K area,” the analyst added.

“Bitcoin is getting close to taking that next leg lower into the mid-$40Ks,” analyst Michael J. Kramer said, referring to the measured target of a bear flag around $46,600.

These targets echo prediction market traders, who price in a 70% chance that Bitcoin drops below $55,000 in 2026, while placing the odds of a drop below $45,000 at 46%.

“Deep structural” support for BTC is at $47,000

Bitcoin is trading near the 200-week EMA at $68,300, coinciding with the realized price of the “largest holder cohort (100-1K BTC),” according to CryptoQuant analyst Axel Adler Jr.

“As long as the price holds above $68K, the largest cohort remains near its cost basis and maintains a more resilient position,” Adler Jr. said in a Bitcoin analysis on Monday, adding:

“A move below this level would signal deteriorating structure and increase the likelihood of a more nervous reaction from large holders.”

Meanwhile, the realized price of the 10-100 BTC holder cohort sits notably lower around $46,700, forming a “deep structural threshold that would become meaningful only in the event of a full-scale deterioration in market regime,” the analyst added.
source: https://www.tradingview.com/news/cointelegraph:f53e6f118094b:0-traders-say-bitcoin-still-due-for-next-leg-lower-targeting-46k-btc-price/