Bitcoin has once again shown its unpredictable nature over the past few days. The chart situation increasingly indicates that the current correction will not be a short breather, but rather a longer downward period. Buyers have been trying for over a week to generate a gradual price increase, but their efforts were definitively thwarted today by a 5% drop, which pushed the price from around $90,400 to the current $86,000, according to data from TradingView.

Bitcoin continues to fall

This sharp reversal acts as a signal that November only brought a local minimum and the market is heading lower. An interesting point is that the short-term rise could not even reach the key resistance (white line) derived from the correction highs. The price reversed downward even earlier, pointing to persistent selling pressure.

For investors, one scenario remains possible: a sideways movement toward resistance followed by another drop. However, the dynamics of the past few days lean more toward a negative development.

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How far could the fall continue?

If Bitcoin continues to search for a solid support, historical trading volumes from 2024 show the most likely price range between $72,000 and $56,000. This is a robust area where the market has previously concentrated significantly, making it a natural magnet for a deeper correction.

A drop to $72,000, i.e., the upper boundary of the mentioned support, would represent a further decline of approximately 18% from current prices. These numbers may seem alarming, but the market reality currently supports it. Selling pressure remains strong, buying volumes cannot keep up, and resistances hold.

Therefore, caution is advised. Although the market may still attempt a short-term recovery, the overall trend does not yet resemble an environment suitable for aggressive buying. It is rather a phase where the market is trying to find a new balance.

If Bitcoin reaches the mentioned range, that is where it could be decided whether the market will turn upward again. From a historical perspective, this zone served as a space where long-term investors reemerge, which could lay the foundation for future growth.

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