Analysis: Bitcoin Breaking Below $66K Could Trigger 10%-20% Deeper Plunge

BlockBeats News, March 21st: Licensed Market Technician (CMT) Aksel Kibar stated that the lower boundary support of Bitcoin's potential rising wedge formation is located at $66,000, and a breakdown below this level could trigger a bearish trend reversal.

The rising wedge, as a classic technical pattern, usually appears at the end of an uptrend, signaling potential price momentum exhaustion. Historical data shows that similar breakdown confirmations have led to an average pullback of 10-20%.