Bitcoin entered the last weeks with a significantly changed dynamic that investors could not ignore. After a sharp correction of 36%, the price dropped to 80,000 dollars, putting the market through a phase of strong sobering. Since November 21, however, the trend has taken a different direction. According to TradingView, the price rebounded and began to form a slightly upward channel, which at first glance appeared stable.

Bitcoin hit resistance and lost the upward channel

Technical analysis had already warned of risks associated with the approaching resistance. This level, created from the highs of the previous correction (white line), began to gradually slow down any further growth. The market tried several times to break through this barrier, but buyers repeatedly lost momentum.

The upward channel initially provided the market with a clear structure and readable trend. The price moved relatively disciplined between the support and resistance, which supported optimism among short-term traders. The situation changed, however, when Bitcoin failed to confirm a new impulse above the upper edge of the channel.

Instead of continuing to rise, a sharp reversal occurred. The price fell below the lower line of the channel and then returned to this level. The market perceived this move as a retest, where former support began to act as new resistance (red circle). Such price behavior often signals trend weakening and increases the likelihood of further decline.

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Risk of deeper correction and possible price ranges

After the rejection of the upward channel, another sell-off followed, pushing the price to around 86,800 dollars. This zone has so far not provided sufficient support for a stronger rebound. If a convincing price jump above 90,000 dollars does not occur in the coming days, the market may enter a phase of more significant correction.

Technical levels indicate possible targets in the range of 72,000 to 56,000 dollars. Such a scenario would represent the largest drop since the collapse of the FTX exchange in 2022. Bitcoin holders should therefore monitor the price very closely in the coming days, as short-term developments may determine the future direction of the entire market.

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