Bitcoin is on the verge of experiencing the largest ‘price drawdown’ of the bull market, according to CryptoQuant head of research Julio Moreno. The current 26.62% decline from the all-time high of $109,500 could mark the deepest drawdown in the current bull market cycle. Past cycles have seen significant drawdowns, with an 83% drop in 2018 and a 73% correction from all-time highs in 2022. Despite the current decline being substantial, it is less severe than previous bear markets. Ecoinometrics analysts suggest that Bitcoin may struggle to immediately recover, especially with the Nasdaq 100 flat year-on-year. Michael Saylor’s Strategy has refrained from purchasing Bitcoin for its treasury recently, with data showing a 17% return on its Bitcoin holdings over a five-year holding period. The question now arises whether Bitcoin can maintain a position above $70,000, as it tests the 50-weekly exponential moving average for the first time since September 2024. The $65,000 to $69,000 daily demand zone is a crucial liquidity level, with the $69,000 level representing the 2021 all-time high price. Historical RSI trends indicate that the correction may find support around current prices to $70,000. This article serves as information and does not offer investment advice. Readers are advised to conduct their own research before making investment decisions.