PANews reported on February 4th, citing Cointelegraph, that multiple traders analyzed that Bitcoin's price may be approaching a key long-term trendline support level. Analysis shows that Bitcoin's 200-week exponential moving average (EMA) is currently around $68,400, a level considered an important potential macro bottom area.

Trader Nic Puckrin points out that if Bitcoin breaks below its current April low of around $74,400, the next key support level is around $70,000. A further breach of this level could see the market target the $55,700 to $58,200 area, a range between the global average holding cost and the 200-week moving average, which is expected to be the final bottom. Other traders such as Altcoin Sherpa and BitBull also believe that a pullback to the 200-week EMA is "logical," and historically, every time Bitcoin has fallen below the 100-week EMA, it has typically retested the 200-week EMA as long-term support.