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

Crypto News: On March 20, CoinDesk reported that 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 bottom in early February, Bitcoin has formed a narrow, slightly upward-sloping channel between two trend lines, similar to the sideways movement after dropping from $100,000. At that time, the market also showed a slow, oscillating upward crawl, which after a false breakout, saw the price plummet 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 will mean the bears are regaining control; if it breaks above the channel, the downtrend may slow, and bulls could mount a strong counterattack. Bitcoin is currently at a critical crossroads, and the direction remains uncertain.