Bitcoin shows a pattern preceding the collapse to $ 60,000 — CoinDesk

CoinDesk analysts report that the current dynamics of bitcoin BTC $70,440.94 Mezo Wrapped BTC 0.88% Market capitalization $39.15 million VOL. 24 hours $1.42 billion is increasingly reminiscent of a technical pattern that previously ended in a sharp drop to almost $ 60,000. Since the beginning of February, a narrow upward channel has been forming on the chart again, and the publication’s analysts consider this a potentially dangerous signal for the market.

Experts describe two similar phases. The first lasted from November 20 to January 20: after falling from $ 100,000, bitcoin traded in a narrow range with a slight upward slope, but later broke through the lower boundary and by February 6, it had dropped almost linearly from about $ 90 000 to $ 60 000. Now the market is showing a similar configuration — another narrow channel with an upward slope, but without a strong momentum.

From the point of view of technical analysis, this structure may not mean a sustainable recovery, but a temporary counter-trend rebound within a broader downward movement. This is often considered a sign of buyer exhaustion when the market takes a break before new pressure from sellers increases.

CoinDesk calls the lower boundary of the current channel around $ 65 800 the key level. If the price falls below that, it could mean the return of bearish control. At the same time, the authors warn that the charts are not an infallible indicator: in the event of an upward breakout, the downtrend may lose strength, and the bulls may regain the initiative.