Analysis: Bitcoin's current trend is similar to the previous drop to $60,000, with $65,800 as a key support level

BlockBeats News, March 20th: According to CoinDesk, Bitcoin's current trend closely resembles the price structure that ultimately led to a plunge to $60,000 between November 2025 and January 2026. From a technical perspective, since bottoming out in early February, Bitcoin has been trading in a narrow, slightly upward-sloping channel between two trendlines, similar to the consolidation phase following the drop from $100,000. During that time, the market exhibited a slow, oscillating upward climb, followed by a sharp price drop from around $90,000 to nearly $60,000 after a false breakout.

Technical analysis refers to this type of pattern as a "counter-trend bounce," a minor rebound within a downtrend. The current bounce lacks explosive momentum, signaling bullish exhaustion, with the market likely just taking a breather as bears prepare to regroup.

$65,800 is a key support level. If Bitcoin breaks below the current channel's lower boundary of around $65,800, it would indicate a shift in favor of the bears. On the other hand, an upside breakout from the channel could slow down the downtrend, potentially paving the way for a strong bullish comeback. Bitcoin is currently at a crucial decision point, and the direction is still unclear.