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

March 20th (CoinDesk) — Bitcoin’s current trend bears a striking resemblance to the price structure that preceded its plunge to $60,000 between November 2025 and January 2026. Technically, since bottoming out in early February, BTC has traded in a narrow, slightly upward-sloping channel — mirroring the consolidation phase that followed its drop from $100,000. Back then, the market saw a slow, oscillating climb before a false breakout triggered a sharp dive from ~$90,000 to nearly $60,000. This pattern is known in technical analysis as a “counter-trend bounce” — a minor rebound within a broader downtrend. The current bounce lacks explosive momentum, signaling bullish exhaustion; the market appears to be pausing as bears ready to regroup. $65,800 is a critical support level. A break below the channel’s lower bound (~$65,800) would signal a shift in favor of bears. Conversely, an upside breakout could slow the downtrend, potentially clearing the way for a strong bullish comeback. BTC is at a key decision point, with its next move still uncertain.