Is Bitcoin carving out a short-term bottom, or is this just another pause before a fresh dip? A new analysis from More Crypto Online says the answer now hinges on how BTC reacts around a narrowly defined support zone.
According to More Crypto Online, Bitcoin has already dipped into the support area that matters most for the near-term structure, and the next move from here could decide whether the market has put in a meaningful low or is still heading for one more flush lower. The channel’s latest take is cautious rather than outright bearish: the host still sees room for a rebound, but says the price action remains corrective, weak, and trapped in sideways conditions.
The level that matters most right now
The immediate line in the sand is $65,638. More Crypto Online argues that bulls need to defend that area to keep the short-term bullish case alive. At the time of recording, Bitcoin had already printed a swing low at $66,157, with only a small bounce off that level.
That reaction, the analyst says, is too minor to confirm anything on its own. What he wants to see next is a clear impulsive move higher from the low, ideally a micro five-wave advance. In Elliott Wave terms, that would strengthen the argument that a local bottom is in place and that BTC could at least push into a larger corrective bounce.
Without that upside impulse, the market remains vulnerable. The host’s core message is simple: support has been reached, but support has not yet been decisively validated.
Why another lower low is still on the table
Despite giving bulls some benefit of the doubt, More Crypto Online says Bitcoin can still make one more low without breaking the broader short-term framework he is tracking. He frames the current move as potentially part of an unfinished C-wave decline, which in Elliott Wave analysis should unfold in five waves.
In that setup, the recent bounce may have been only a fourth wave, leaving a fifth wave lower still to come. If that happens, the analyst highlights two nearby downside levels to watch:
- $64,588 as a likely target for one more low
- $62,680 as a marginally lower low scenario
He does not present those levels as a collapse thesis. In fact, his point is almost the opposite: even a dip into that range would not necessarily change the bigger short-term interpretation. It could still fit into the same working scenario, just with a slightly deeper final leg lower before any more durable rebound attempt.
What would confirm a bounce?
The analyst’s bullish trigger is not just any green candle. He wants an impulsive upside reaction from support, one strong enough to suggest either a C-wave rally higher or even the beginning of a third wave up on the smallest time frame he is monitoring.
The chart in question is the 30-minute time frame, so this is a short-term tactical read, not a long-range macro call. Within that context, the bounce target that stands out is around $69,500. More Crypto Online says that if Bitcoin starts rising in the “orange count” scenario from current levels, it should at least reach the 100% extension, which points to roughly that price.
That gives traders a very clear map. Hold support and produce a convincing impulse higher, and BTC could have room toward $69,500. Fail to do that, and the market may still need to sweep lower levels first.
Why the analyst is still cautious
Even with a possible upside path on the chart, More Crypto Online is not expecting a major rally at this stage. The host describes the broader market backdrop as difficult and says the recent price action remains frustratingly sideways.
That matters because it frames the current setup as a test, not a breakout. Bitcoin may be trying to stabilize, but the structure is not yet strong enough to justify confidence in a sustained move higher. The analyst notes that an earlier bounce could be interpreted as a small five-wave move up, which is why he is not dismissing the bullish side outright. But he also says that move was too small to carry much weight by itself.
In other words, the market has offered just enough to keep the bullish idea alive, but not enough to prove it.
Key Bitcoin levels from the video
- $66,157, swing low reached during the session
- $65,638, support area bulls need to defend
- $64,588, downside target if one more low unfolds
- $62,680, deeper marginally lower low scenario
- $69,500, upside target tied to the 100% extension
- 30-minute chart, time frame used for the short-term setup
- 100% extension, projected minimum target in the upside scenario
- Q1 and Q2, referenced in the channel’s broader market commentary
What to watch next
The next signal is not complicated. More Crypto Online says to watch whether Bitcoin can hold the current support area and launch a convincing impulsive move higher. That would keep the case for a local bottom intact and open the door to a rebound toward $69,500.
If BTC slips below the key defense zone and fails to produce that impulse, the analyst’s focus shifts to $64,588 and potentially $62,680. For now, the market is still stuck between those two outcomes: either support starts acting like support, or the corrective pattern drags on with one more low.
FAQ
Is More Crypto Online bullish or bearish on Bitcoin right now?
Neither in a strong sense. The channel keeps a short-term bullish scenario alive, but the stance is cautious because the current structure still looks corrective and weak rather than clearly trend-building.
What is the single most important BTC level in this analysis?
$65,638. The analyst says that area needs to hold for the near-term bullish setup to remain valid.
What would count as confirmation that Bitcoin has bottomed?
On the short-term chart, the host wants to see a clear five-wave move up from the low. A small bounce alone is not enough; the move needs to look impulsive.
How deep could Bitcoin fall if support fails?
The two downside levels mentioned are $64,588 and $62,680. The latter is described as a marginally lower low scenario rather than a dramatic breakdown target.
What upside target did the analyst give?
If Bitcoin rebounds in the bullish short-term count, More Crypto Online points to around $69,500, based on a 100% extension measurement.
Reference Video
An Indian crypto journalist covering the developments in the Bitcoin and blockchain industries. Her work helps readers understand key changes in the world of digital assets.
