Bitcoin is facing renewed pressure after its recent bounce faltered below $64,600, setting the stage for another possible slide toward key support levels. The market seems to be testing if a bottom near $49,000 to $59,000 will hold before any significant recovery can take shape.

Watching the key Support Zone

Trader Kaz shared an analysis suggesting that Bitcoin might experience one more downward move into the $49,000-$59,000 range. This area acts like a launching pad for what could become a speculative rally toward $160,000-$180,000, a target that remains uncertain and dependent on developments over the next couple of years.

Kaz’s chart highlights Bitcoin hovering close to the upper edge of this bidding zone after a long drop from its previous peak. The expectation is a phase of consolidation here, possibly marked by a brief new low before the bear market finally ends. Maintaining support near $49,300 is critical for this bullish scenario to hold.

Recovering above this mark would require Bitcoin to form higher lows and break through major resistance, making the next milestone a climb back to the old all-time-high area around $125,000. The path could see BTC briefly surpass this level, retreating near $100,000 before resuming its push.

The ultimate upside sits within that broad $160,000-$180,000 zone. Still, this projection is far from a guarantee and should be viewed as a potential outcome rather than a forecast. A sustained drop below $49,300 might trigger a deeper correction, undercutting hopes for a rebound anytime soon.

Meanwhile, Bitcoin’s failed climb above $64,600 shows sellers remain in control over the short term. Analyst Crypto Tony pointed out how the rebound stalled exactly where expected before bears forced a retreat to around $64,300. The price continues to bounce between support near $63,800 and resistance at $64,600, a range that could determine its next direction.

If BTC loses the support near $63,800, it could dip further toward the $63,450 $63,600 area. Conversely, reclaiming and holding above $64,600 would weaken the bearish pressure and might open the door to testing $65,000 and recent highs.