Bitcoin Extends Sixth-Week Drop; $70,000 Comes Into Focus

By Amara Osei

Bitcoin is down for a sixth week, according to FOREX.com analyst Fawad Razaqzada, who identified $70,000 as the next downside focus. Razaqzada’s key marker is the $75,000 low formed on 15 September, which preceded the last rally, a move that failed to hold above $85,000.

Razaqzada said BTCUSD has since carved out lower lows and lower highs, raising the risk of a sharp drop to fill the void left by that failed advance. FOREX.com’s first downside reference is $70,000.

He said Bitcoin could fall toward that level if its six-week decline extends. Razaqzada’s levels place $70,000 $5,000 below the 15 September low, while $85,000 sits $10,000 above it.

Below $70,000, Razaqzada identified two additional chart levels. The first is around $67,000, the point of origin for the earlier breakout, followed by a $65,000 base.

He did not identify $70,000 as a final floor or present $65,000 as a guaranteed destination. Instead, his note laid out descending reference points as a possible continuation of the bearish structure.

Razaqzada’s $67,000 and $65,000 markers are separated by $2,000, while $70,000 sits $3,000 above the breakout origin. That spacing makes $70,000 the first checkpoint in his framework, not the whole downside case.

His analysis described a route rather than a single target and did not attach a deadline to reaching any level. Razaqzada also gave no price-based timing condition beyond the bulls’ need for a quick recovery above $75,000.

Razaqzada’s note did not forecast how quickly Bitcoin might reach $70,000, $67,000 or $65,000. Nor did he attach a time horizon to the sixth-week decline.

What does the failed $85,000 rally show?

Bitcoin’s last rally topped out below $85,000 after the 15 September low at $75,000, according to Razaqzada. He said the advance failed to hold above $85,000, establishing a lower high within the sequence he is tracking.

Razaqzada’s note treats $85,000 as part of the recent price history, not as a level bulls must regain in his analysis. His sequence starts with the $75,000 low, then tracks the failed rally and the subsequent lower highs and lower lows.

The September low anchors his near-term recovery test. He set the condition plainly: “For the bulls, a quick recovery back above $75,000 is needed.”

“Unless that happens fairly quickly, the risks remain tilted to the downside,” Razaqzada said. His condition therefore requires a quick reclaim of $75,000; without it, he sees $70,000 as the first reference on the downside.

Razaqzada’s note did not set a specific deadline for “fairly quickly” or forecast how far Bitcoin might fall if the threshold fails. It also did not specify a time horizon for any of the three downside levels.

What could change the bearish setup?

Razaqzada’s stated bullish requirement is a move back above $75,000. His TradingView note did not require a retest of $85,000 or provide a separate upside target.

That makes $75,000 the only named condition that could arrest his immediate downside framing. His note did not say such a move would establish a full trend reversal; it used the threshold to address immediate risk.

Razaqzada did not attribute Bitcoin’s six-week decline to any news event, policy decision, trading metric or market-wide shock. His case rests on price structure: a 15 September low at $75,000, a failed rally below $85,000, and subsequent lower highs and lower lows.

His TradingView note is a technical map for BTCUSD rather than a fundamental explanation of the selloff. It identifies the next levels in a bearish sequence and the threshold bulls must reclaim.

What comes next?

The next market test is straightforward in Razaqzada’s framework. A quick move above $75,000 would meet his near-term bullish condition, while continued trading below it would keep $70,000 in focus.

A move below $70,000 would put the prior breakout origin around $67,000 and the $65,000 base into the sequence he outlined. Razaqzada placed no catalyst or timing guidance on those levels.

In Razaqzada’s framework, the forward signal rests on Bitcoin’s response around $75,000. A quick recovery could blunt the bearish setup, while failure leaves the chart pointing first toward $70,000 and then the two deeper levels.