Bitcoin’s key 2024 support zone tested as selling intensifies

Bitcoin’s selloff is pressing against a level traders have treated as a psychological “floor” since last year’s long pause in price action.

Bitcoin is trading near $67,222 on Tuesday, extending a four‑month drawdown that has forced both bulls and bears to reassess conviction.

The immediate question is whether this dip becomes a routine retest of old demand, or the kind of break that turns 2024's support into fresh resistance.

Bitcoin price: 2024 consolidation zone under pressure

Technicians are focused on the broad 2024 consolidation band because it marked an extended period where buyers and sellers found equilibrium.

Bitcoin now looks poised to drop into a consolidation region between roughly $55,000 and $70,000 that played out between March and November 2024.

Price data from 2024 also supports the idea of a wider “low-$50,000s to low-$70,000s” zone, with monthly lows near $52,598 and highs above $72,700.​

Why this matters is straightforward: support zones are areas where buyers historically stepped in, so a retest gauges whether demand still shows up when it counts.

Investing.com notes the latest pullback is the first since the October 2023–October 2025 rally to break Bitcoin’s pattern of higher highs and higher lows.

It also flags that the 100‑day moving average has become a key resistance level, while BTC has fallen below the 0.50 Fibonacci retracement level and into “oversold” territory on an RSI-based measure.

Macro news is adding friction at the worst possible time for bulls.

The uncertainty around Kevin Warsh, after President Donald Trump nominated the former Fed governor to succeed Jerome Powell, with markets debating whether Warsh would lean more hawkish than Powell and keep rate cuts limited.

That backdrop tends to pressure “risk assets” like crypto, especially when investors are already cutting exposure elsewhere.

Also Read: Strategy (MSTR), BitMine pour millions into BTC, ETH amid slump

What traders and analysts are watching next

The next technical markers are now tightly defined.

The 0.618 Fibonacci level is just over $63,000 as an area that could support a rebound “at least technically, while the broader 2024 range remains the bigger battlefield if selling continues.

Flow data is also central because it helps separate retail noise from institutional de-risking.

Spot Bitcoin ETFs are backed by physical bitcoin, meaning sustained outflows can translate into real selling pressure in the underlying market.

Recent outflows have been large at the category level: US spot Bitcoin ETFs saw about $1.33 billion in net outflows.

BlackRock’s IBIT led the withdrawals with about $537 million of net outflows, another SoSoValue-based tally showed.

Derivatives positioning is a third piece of the puzzle, because it signals whether traders are leaning aggressively bearish, or simply stepping aside. ​