BTC at risk of further decline after losing key support, says Swissblock

The risk of a further decline for Bitcoin has increased after it fell below the $72,000 level, which represents the average cost basis for short-term holders, according to an analysis by on-chain analytics firm Swissblock. The firm explained that while the market had interpreted price consolidation in this zone as an accumulation phase for a bull run, Bitcoin ultimately failed to maintain this support. A subsequent rebound attempt lacked sufficient buying pressure and failed to reclaim the level. Swissblock noted that the market has now shifted from a correction and consolidation phase to one where a downtrend could continue. The firm added that Bitcoin is at a crossroads, facing either a resumption of the bull market or a prolonged bear market, and must reclaim and establish a foothold above the investor cost basis zone to restore bullish momentum.