How low can the Bitcoin price go?

Bitcoin (BTC) has dropped 10% from all-time highs in a week as new support zones appear — where might BTC price action head next?

Crypto traders and analysts weigh in on their market expectations as bulls fight for $105,000 to end the Wall Street trading week.

Trader: Bitcoin bull market “likely” near its end

Bitcoin has taken a break from upside this week, returning to test levels last seen around ten days ago.

While the majority expects this to be a temporary consolidation phase before upside returns, some are wary of being too complacent — and even see the bull market soon coming to an end.

Popular trader Roman is among them. Based on the principle of diminishing returns each price cycle, he argues, the current bull run’s days are numbered.

“This cycle so far 600%, Last cycle we saw 2,000% the cycle before we saw 10,000%,” he wrote in part of an X thread on May 28. 

“If you haven’t noticed, returns are diminishing over time. It’s likely that we’ve topped or are extremely close!”

An accompanying chart revealed key support levels on high timeframes, with $105,000 figuring as one of them.

In a separate post, Roman said that he expected “some sideways action” once $105,000 came back into play.

Liquidations bring back sub-$100,000 support

Other market participants are beginning to see levels closer to the $100,000 mark returning next.

$BTC - Unless 107k is reclaimed, i'm expecting 102k next pic.twitter.com/eu9U7JfjEt— MarketWizard (@MarketWizard94) May 30, 2025

A look at the latest state of exchange order book liquidity meanwhile reveals the $103,000-$104,000 range as a zone of immediate interest. 

Below that, however, data from monitoring resource CoinGlass shows that little stands in the way of a drop below the six-figure boundary.

“Notice the significant long liquidation clusters below current price, especially around the 103K and 99K zones. This shows where leveraged long positions will get wiped out and acts as a potential support,” trading account TheKingfisher explained on X on the day.

Classic support lines await retest

Zooming out, onchain analytics platform Glassnode flagged three important support trend lines this week.

Related: Bitcoin bull market 'great validator' comes as James Wynn loses $100M

Two daily simple moving averages (SMAs), it says, as well as the short-term holder cost basis, constitute key levels to watch as the bull market unfolds.

The 111-day and 200-day SMA currently sit at $92,100 and $94,700, respectively, per data from Cointelegraph Markets Pro and TradingView.

“The 111DMA and 200DMA are widely used technical metrics for evaluating the momentum and trend strength of the Bitcoin market. We can complement these technical price models with the Short-Term Holder cost-basis, an on-chain metric which reflects the average acquisition price for new investors in the market,” Glassnode comments in the latest edition of its weekly newsletter, “The Week Onchain.”

“Historically, this level has served as a key threshold, often delineating between local bull and bear market regimes.”

The short-term holder cost basis now stands at $95,900.

“Currently, the price is trading well above all three key levels, underscoring the strength of the market rally since April,” Glassnode adds. 

“Notably, these pricing levels are closely aligned in value, and this convergence provides strong confluence around a critical support zone, one that will be important to hold in order to sustain further upside momentum.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.