Analyst: Bitcoin Downtrend Not Over Yet, Could Test $75,000 Support Level

BlockBeats News, May 10th. Over the weekend, Bitcoin maintained its position above $80,000 and approached $81,000 before the weekly close. However, several traders believe that the Bitcoin price correction is not over yet, and before further upside, a retest of support may be likely.

Analyst Cryptic Trades suggested that after failing to break above $83,000, BTC is more likely to see a short-term pullback now and retest the "bull market support zone" below $80,000. He pointed out that this area has served as a key reversal support multiple times in the past few months. As long as BTC holds above this support zone and the high timeframe support near $75,000, the medium- to long-term trend is still tilted to the upside. Trader Daan Crypto Trades also noted that the previous breakout above the support zone was "not clean," and the market still needs to confirm if it can truly hold the $80,000 area for one to two weeks.

On a macro level, the market is awaiting the U.S. CPI data for April, which will be released this Tuesday. Trader Killa stated that BTC has seen an increase after the past two CPI releases, but if historical trends from 2025 are considered, large funds may reduce their risk exposure before and after the data release. He believes that the market has already somewhat "priced in" the inflation risk. Additionally, if the bull market support zone is breached, $74,000 will be the next key support area of focus for the market. Killa mentioned that it will be crucial to observe the liquidity sweep near this area in the subsequent moves to determine BTC's next direction.