From $77K Rejection to $73K: What Top Analysts Are Saying About Bitcoin’s Next Move

Bitcoin came under pressure on May 28 as traders assessed whether the latest decline was part of a wider range or the start of a deeper market breakdown. Analysts pointed to network data, technical levels and global risk sentiment.

Bitcoin slipped below $73,000 on May 28 and is trading near $73,358 as of press time. The decline came as global risk appetite weakened during the United States-Iran war. Markets also remained sensitive to developments in the Middle East, including any signs linked to the Strait of Hormuz.

Willy Woo Sees No Structural Collapse

Analyst Willy Woo said Bitcoin has not yet confirmed a structural collapse. In an X post, he wrote that “risk is down a bit” and that flows into the network remain fairly neutral.

Woo based his view on a Macro Cycle Risk Model chart. The chart compares Bitcoin’s price movement from 2020 to the present with a local risk indicator tied to liquidity and network behavior.

According to Woo, that indicator has returned to low-risk or neutral territory. He said this suggests Bitcoin’s sideways structure remains in place, rather than confirming a major market breakdown.

Source: X

However, Woo also pointed to a possible warning from equities. He said the stock market was showing signs of uptrend exhaustion, meaning momentum may be weakening after recent gains.

If that signal develops, Woo said Bitcoin could move lower after June. Still, Woo described the equity signal as less reliable than his $BTC network metrics. He said it is not based on actual investor behavior on the network.

Van de Poppe Points to Month-End Pressure

However, analyst Michael van de Poppe gave a more cautious reading of the pullback. In an X post, he said Bitcoin’s weakness does not yet mean the market is heading toward a new low.

Van de Poppe linked the decline to month-end rebalancing. According to the analyst, asset managers often adjust positions near the end of a month, which could trigger corrections across risk assets.

He also highlighted Bitcoin’s rejection near the $77,000 area. The asset failed to break above that level, and the rejection helped increase downward momentum.

Source: X

Altcoins also came under pressure after the failed breakout. Van de Poppe said the rejection led to a sharper correction across that part of the market.

According to Van de Poppe, another key level to watch is the CME gap near $79,000. However, he added that if Bitcoin loses its current support, buyers may not return until the lower $60,000 range.

Crypto Rover Warns of Bearish Pattern

Analyst Crypto Rover gave the most bearish view among the analysts. In a YouTube video, he said Bitcoin had started to break a head-and-shoulders pattern.

Source: CryptoRover

According to the analyst, this pattern is often viewed as a bearish continuation signal. It forms when price creates three peaks, with the middle peak standing higher than the other two.

The line connecting the lows between those peaks is called the neckline. A break below that line is often seen by traders as a sign that selling pressure may accelerate.

Rover said a confirmed breakdown could push Bitcoin toward the $45,000 to $60,000 range. He said Bitcoin was showing a pattern seen in previous bear markets, where the asset moved higher in consolidation before breaking lower.

Even with that warning, he said a sharp decline could create an accumulation opportunity. He added that he would look to buy aggressively if Bitcoin moved back toward that lower region.

Related: Bitcoin Price Prediction: $BTC Drops Below Bear Market Resistance Band