[Digital Today reporter Yunseo Lee] Bitcoin (BTC) rose as high as the $69,300 range intraday on April 1 (local time), but a forecast has emerged that it could slip about 15 percent to around $58,000 after retesting that zone.

According to blockchain media outlet The Crypto Basic, market analyst TARA explained that bitcoin touched the 0.618 Fibonacci retracement zone again near $69,300 on the day. The high was $69,273, about $30 short of the target. Bitcoin then fell to around $68,000.

TARA said it did not absorb enough liquidity in the target zone, leaving open the possibility of another approach to the $69,300 range. The relative strength index (RSI) also suggests there is room for a "second rebound attempt" at the resistance line, TARA said.

TARA viewed the rebound as part of a larger corrective wave. After absorbing liquidity in the $69,300 range, selling pressure could increase, and a three-wave move could continue on a four-hour chart, TARA said. TARA cited the $58,000 range as a downside target. That level is below the early-February low of about $60,000 and overlaps with prices seen in October 2024. Citigroup has also cited $58,000 as a bearish target for bitcoin when macroeconomic conditions weaken, and the zone is also close to the realised price of $54,000.

Bitcoin may still retest the $69,300 range in the near term, but the market mood is to interpret it as a liquidity absorption zone rather than a trend reversal. If buying does not extend sufficiently near major resistance, selling pressure could build again after a rebound, a view has emerged.

Market participants are watching whether the price will revisit the target zone and whether it can later turn the area into a base. If it fails to settle, the rebound may be seen as a temporary move within a broader corrective trend.

The key will be whether the $58,000 range works as an actual downside target or functions as a new support line that draws in buying. If macroeconomic uncertainty and weaker preference for risk assets persist, a forecast has emerged that bitcoin could increase volatility again as technical resistance and macro headwinds overlap.

Good morning! ☀️ $BTC just reached the target $69.3k level for this retrace! I think another touch of that fib is POSSIBLE. It was about ~$30 off and still has liquidity left bc of that. The RSI is also suggesting that #BTC has one more attempt at $69.3k. This is just a… pic.twitter.com/FECJgM71bG