Bitcoin must hold above the $63,700 level or risk a deeper decline, according to on-chain analysis from Alphractal founder and CEO Joao Wedson.
Wedson said the level represents a key support zone derived from the Fibonacci-adjusted Market Mean Price, which reflects the average cost basis of all Bitcoin holders across the blockchain.
The indicator identifies mathematically significant extension and retracement levels around the average investor cost, highlighting $63,700 as the next critical threshold for the cryptocurrency.
“It is important to note that these levels are dynamic and update daily, as they adjust according to investor behavior on the blockchain,”
Said Alphractal founder and CEO, Joao Wedson.
Wedson warned that losing the $63,700 level could push Bitcoin towards an immediate support region around $57,000, with deeper downside targets near $52,400 or a worst-case level around $48,700.
Bitcoin has struggled through the first quarter of 2026 and remains nearly 50% below its previous all-time high of roughly $126,080, reflecting continued volatility across the broader crypto market.
At the time of reporting, Bitcoin price was $66,228.05.