Bitcoin Could Drop Lower Than $46K Amid Macro Pressure

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Bitcoin may revisit higher resistance zones, but market experts expect these levels to act as entry points for bearish positions.

Over the past week, Bitcoin’s price action has remained weak, with repeated failures to reclaim levels above $70,000, leaving the asset consolidating between $66,000 and $68,000. The asset posted a slight uptick of 2% on Monday, as it traded above $67,700.

Analysts warn that geopolitical uncertainty is weakening bullish setups, thereby reducing confidence in any upside despite the emergence of short-term price recovery signals.

Capital Is Leaving Bitcoin
On-chain analyst Willy Woo said that according to legacy valuation models, Bitcoin could bottom between $46,000 and $54,000, while also indicating a potentially extended timeline for recovery. In his latest tweet, Woo said that capital held in BTC has been trending downward since November, which points to steady outflows. The analyst also highlighted that the CVDD Floor model, currently near $45,500, continues to rise, providing support.

However, he warned that such models are based on historical patterns derived from just four prior bear markets, all of which occurred during a broader “secular” uptrend in global risk assets. If that macro backdrop weakens or breaks down, Woo warned that the leading crypto asset could enter uncharted territory, which could end up increasing the chances of a deeper and longer bear market.

In line with these warnings about a fragile macro setup, another prominent analyst has also dismissed the recent rally as temporary.


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