Bitcoin (BTC) price rebounds from another support retest, but fears over a Nashville conference-induced comedown are growing.

The biggest Bitcoin gathering tends to accompany BTC price weakness. BTC price action can and will continue to experience drawdowns of 10%-20%, analysis stresses.

Key points:

Fears are growing that Bitcoin (BTC) could be due for a "comedown" after another support retest.

The biggest Bitcoin gathering tends to be accompanied by BTC price weakness.

BTC price action can and will continue to experience drawdowns of 10%-20%, analysis stresses.

Bitcoin (BTC) circled $110,000 as the May 27 Wall Street open approached amid concerns over a 30% BTC price crash.

After a turbulent week of volatility, Bitcoin was attempting to build on gains from the mid-$100,000 range.

Data from showed BTC/USD recovering after its latest support retest at around $107,000.

As large-volume traders continued to take advantage of the opportunistic trades, market commentators meanwhile assessed potential risk factors.

These ranged from uncertainty over US trade tariffs and the return of Wall Street after the Memorial Day holiday to the ghost of BTC price losses from a year ago.

In July 2024, the Bitcoin 2024 Conference in Nashville, Tennessee formed the basis for rapid downside in early August which saw BTC/USD lose 30% to reach $49,000 from $70,000.

Now, with the same event kicking off again for 2025, some wondered whether the market would experience an unwelcome sense of deja-vu.

“The sustained elevation in near-term vols suggests that traders are positioning around headline risk ahead of the Bitcoin Conference in Las Vegas, scheduled for 27 to 29 May. Focus is already building around the event’s speaker line-up, which includes JD Vance, Michael Saylor, Donald Trump Jr., and Eric Trump,” trading firm QCP Capital wrote in its latest bulletin to Telegram channel subscribers.

A 30% retracement from current levels would put Bitcoin back at $77,000 — roughly the area in which it set a multimonth bottom in April.

Continuing the thought, crypto trader, analyst and entrepreneur Michaël van de Poppe noted that the drop from $110,000 to the mid-$70,000 range had already happened once.

“Corrections do happen and they’ll continue to happen,” he told X followers on May 26, arguing that a correction of up to 20% “shouldn’t disappoint you.”

As Cointelegraph reported, various sources have been suggesting that the Bitcoin bull market is in its final stages ahead of a protracted trend reversal.

Despite setting new all-time highs in March and April, Bitcoin has struggled to maintain consistent gains.

Liquidity ‘magnet’ offers $106,000 target

Tackling short-term price action, popular trader Daan Crypto Trades was among those using exchange order book liquidity to guide his analysis.

“The longer price hovers around this price region, the thicker the liquidity clusters above and below will become,” he summarized on the day alongside data from monitoring resource CoinGlass.

CoinGlass itself showed the first chunk of ask liquidity being taken as the US trading session began.