Analysis: Bitcoin's current trend is similar to the previous plunge to $600,000, with $65,800 as a key support level.

ZkProver · 2026-03-20T11:16:43+00:00

Bitcoin's current trend is similar to the period before the sharp decline in 2025, forming a narrow consolidation channel. Technical analysis shows insufficient rebound momentum, with key support at $65,800. A break below would favor bears, while a breakout could trigger a strong counterattack.

ZkProver

2026-03-20 11:16:43

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ChainCatcher reports that, according to CoinDesk, Bitcoin’s current trend closely resembles the price structure that ultimately triggered a crash to $60,000 between November 2025 and January 2026. From a technical perspective, since hitting a bottom in early February, Bitcoin has formed a narrow, slightly upward-sloping channel between two trend lines, similar to the sideways movement after a drop from $100,000.

At that time, the market also showed a slow, oscillating upward climb, which eventually led to a false breakout, with the price plunging from about $90,000 to nearly $60,000. Technical analysis refers to this pattern as a “counter-trend rebound,” a small rally within a downtrend. The current rebound lacks explosive momentum, a typical sign that the bulls are exhausted, and the market may just be taking a breather, waiting for the bears to regain strength.

$65,800 is a key support level. If Bitcoin falls below the lower boundary of the current channel at around $65,800, it would mean the bears are regaining control; if it breaks above the channel, the downtrend could slow, and bulls may mount a strong rebound. Bitcoin is currently at a critical decision point, and the direction remains uncertain.

BTC1.1%

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