Bitcoin slips to $68,500 as 21Shares strategist maps out key price tests

Bitcoin traded around $68,500 in its latest session, sliding below the $70,000 to $75,000 range it held in prior sessions.

Matt Mena, a senior crypto research strategist at 21Shares, said a sustained drop below $69,000 could potentially trigger a test of support at $65,000. For a real recovery, he said, Bitcoin would need to reclaim $70,000 first, then $74,000.

The levels everyone is watching

The selling pushed Bitcoin’s intraday lows to somewhere between $67,500 and $68,000. Market analysts tied the drop to broader market conditions rather than anything specific to crypto.

The more telling detail is where Bitcoin is now trading. It has dipped below its 200-week moving average, which sits near $68,000.

Mena’s framework breaks down into a fairly simple decision tree:

• Below $69,000 (sustained): a possible test of $65,000
• Back above $70,000: the first step toward recovery
• Back above $74,000: the second hurdle needed for a sustained rebound

How we got here

Earlier in November, Bitcoin traded at levels that exceeded $75,000 to $80,000. It failed to hold that ground.

The slide from there to $68,500 has shifted attention away from crypto-specific catalysts and toward the macro calendar. Market participants are now watching US dollar strength and inflation data for clues on where prices head next.

Despite the near-term warning, Mena struck a cautiously optimistic tone on the longer horizon. He suggested Bitcoin’s targets could rise to $87,000 and possibly beyond $90,000.

His reasoning leans on seasonality. Mena pointed to Bitcoin’s historical fourth-quarter performance, which has averaged returns of over 61%.

What this means for traders and investors

For short-term traders, the $69,000 level is the near-term pivot, and Bitcoin is currently below it. If price stays under that line, Mena’s scenario points toward a possible test of $65,000. A reclaim of $70,000 would be the first sign that the bounce has legs, but Mena’s framing suggests $70,000 alone is not enough — the $74,000 level is where a recovery would start to look sustained.

Institutional demand is another variable to watch. Shifts in ETF flows may offer hints about how confident larger investors are in Bitcoin at these levels.

The practical takeaway for anyone watching the market is to focus on a handful of numbers: $65,000 on the downside, $69,000 as the pivot, and $70,000 and $74,000 on the way back up.