Bitcoin Price News: BTC Eyes $58K After Confirmed Rejection of 50-Week EMA

Bitcoin (BTC) is having a pretty bad week with a 13% drop, as geopolitical tensions continue to put a lid on the crypto market’s ability to recover.

Trading volumes jumped by 36% in the past 24 hours alone as BTC hit a key area of support that could either mark the end of the top crypto’s bear market or the beginning of its next leg down.

Market sentiment turned to Extreme Fear for the first time in three months as the United States has failed to make a deal with Iran. Moreover, the White House threatened to increase tariffs on 60 countries due to “unfair practices,” including force labor.

Investors have withdrawn an eye-popping total of $4 billion out of Bitcoin-linked exchange-traded funds (ETFs), emphasizing the strength of this latest risk-off move.

Net inflows have been negative for more than 12 days in a row, but we maintain that we could either be near or at BTC’s cycle low, especially if the token bounces strongly off the $60,000 mark.

BTC On Track to Hit $58,000 After Failing to Recapture This Key Resistance

Looking at the weekly chart, the 50-week exponential moving average (EMA) was recently retested, and the market clearly rejected a move above it.

This key line acted as a strong support area for the token three times in the past, but was recently broken in November 2025, just a month after the October 10 flash crash.

The last time that BTC moved below this line, the price collapsed by 62%. We don’t envision such a dramatic decline this time, but we do see a retest of the $58,000 as a result of this latest decline.

Crypto liquidations are exacerbating BTC’s decline. In the past 24 hours alone, $1.5 billion worth of long positions have been wiped out of the market. In just three days, long liquidations have jumped beyond $3.2 billion as a result of BTC’s bearish breakout below $70K.

Moreover, the Relative Strength Index (RSI) just dipped below its 14-period moving average, which is typically considered a sell signal, especially in these higher time frames. Bearish momentum is clearly accelerating.

Buying Pressure Rose at $60K – Big Rally Expected If This Support Area Holds

Heading to the daily chart, we are seeing a strong reaction from bulls at $78,000, and trading volumes confirm it. The $60,000 level was not hit, but the price came close enough to apparently hit a cluster of buy orders.

This confirms the strength of this demand zone and could result in a big bounce for BTC in the near term.

This would not be the first time that the top crypto retests a previous cycle low after the weekly buy signal we discussed in previous Bitcoin price prediction articles.

In fact, in one out of the last three instances when this signal popped up, the price actually broke below that previous low. Hence, even if BTC drops below $58,000, we still expect a big bounce that could put a definite end to this bear market.

We expect a rally to $75,000 if that happens. However, if we get a break below $58,000, the next stop for BTC could be $36,000, which is in line with the kind of massive decline that the top crypto experienced the last time it dropped below its 50-week EMA.