Trader Says Bitcoin's Fall Is Not Over Yet, Will Test $75,000 Support Level

May 10th After a relatively stable weekend, Bitcoin’s price trended higher, steering clear of a drop back below $80,000. However, it failed to hold gains after rising to nearly $83,000 midweek—and traders are reiterating that BTC needs to retest its support level. Notably, the “Bull Market Support Band” (two moving averages below $80,000) is drawing attention. Analyst Cryptic Trades noted: “On lower timeframes, following a rejection at the higher-timeframe resistance zone, I think a short-term retracement to the 2-day bull market support band— a key reversal zone over the past few months— is the most likely outcome.” He added: “As long as price holds above this band and the broader higher-timeframe support zone (around $75,000), further upside remains the base case.” Trader Daan Crypto Trades agrees, labeling the initial support band breakout as a “messy breakout.” Turning to inflation: Ahead of next week’s fresh U.S. inflation data release, trader Killa warned BTC’s strong price may face headwinds again. The April Consumer Price Index (CPI) is due Tuesday, and it’s expected to reflect ongoing impacts of the U.S.-Iran conflict and rising oil prices on the economy. Killa posted on X: “Already priced in.” He added: “BTC has risen after the last two CPI prints. But looking at 2025 CPI-related price action, big players may start de-risking ahead of the event.” Key support levels to watch: near the bull market support band; if that’s breached, $74,000 becomes a focal point.