Bitcoin’s price action looks dangerously similar to the pattern that sent it crashing to $60,000

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin’s price action looks dangerously similar to the pattern that sent it crashing to $60,000 The recent price action echoes the November–January pattern, showing weak conviction among the “buy the dip” crowd. By Omkar Godbole Mar 20, 2026, 7:14 a.m. Make us preferred on Google BTC's price pattern look similar to the one before crash to $60K. (GoranH/Pixabay) What to know : Bitcoin’s recent price action is mirroring a November–January pattern that preceded a sharp drop from about $90,000 to nearly $60,000. The current counter-trend recovery, a weak, choppy bounce within a broader downtrend suggests that the buy-the-dip crowd lacks strength. A break below the bottom of the latest trading range could deepen the sell-off. In this article BTC BTC $ 70,483.40 ◢ 0.42 % Bitcoin's BTC $ 70,483.40 price action is giving us a sense of déjà vu, and it's not the good kind. If you look at the price swings since early February, a very specific, ominous pattern is forming that looks strikingly similar to the setup we saw between November and January. That set up eventually paved the way for a crushing sell-off to nearly $60,000. We are looking at what technical analysts often call a counter-trend recovery – a modest bounce within a downtrend. Here is the chart. Check out the two yellow channels. Bitcoin's daily chart. (TradingView) The first yellow channel, on the left, shows price action from Nov. 20 to Jan. 20. Back then, bitcoin traded in a narrow range, with a slight upward tilt after a drop from $100,000. It looked like the price was recovering, but in reality it was just a pause – or a small bounce – within a larger downtrend. The result was that the price eventually broke below the bottom of that trading range. Essentially, the level traders had been treating as a "floor", or support, gave way, and bitcoin plunged in a straight line from about $90,000 down to nearly $60,000 by Feb. 6. Now look at the second channel on the right. Since hitting those lows in early February, bitcoin has once again traded in a narrow range with an upward tilt, contained perfectly between those two trendlines. The similarity with the earlier pattern is undeniable. The present relief rally lacks the explosive momentum just as the November-January pattern did. It's a slow, choppy grind upwards. In technical analysis theory, this is a sign of bullish exhaustion, with the market simply pausing for breath before the bears recharge their engines. What next? Charts aren't a holy grail, and past performance doesn't guarantee future results. Still, traders use them to read market psychology, and right now, they're telling a tale of a "buy the dip" crowd that lacks strength and conviction. If bitcoin falls below the lower trendline of its current channel, around $65,800, it could signal a return of bearish control. The takeaway is that bitcoin is at a major decision point. The bear market could deepen, as some anticipate , if prices break below the channel formation. If it breaks out above the channel, the downtrend could lose steam, and the bulls could then make a strong comeback. Bitcoin News Technical Analysis More For You Bitcoin jumps to $70,800 as oil retreats; ether and XRP lag By Omkar Godbole 1 hour ago Oil prices slipped as major economies announced joint efforts to stabilize energy markets. What to know : Bitcoin leads the crypto market bounce as oil prices drop. Major economies announced joint efforts to stabilize energy markets. Uncertainty still persists as the Middle East conflict continues and the S&P 500 dips below key average. Read full story Latest Crypto News Bitcoin jumps to $70,800 as oil retreats; ether and XRP lag 1 hour ago Morgan Stanley sets MSBT ticker and $1 million seed capital for bitcoin ETF 2 hours ago Crypto Clarity Act inches toward Senate hearing as lawmakers weigh legislative trades 9 hours ago DeFi risk management giant Gauntlet sees $380 million exit as OKX crypto campaign ends 11 hours ago Crypto markets – and the American people – deserve clarity 11 hours ago Appeals court clears way for Nevada to temporarily ban prediction market Kalshi 11 hours ago Top Stories Coinbase's bitcoin yield fund goes onchain with Apex's tokenization push 11 hours ago Wall Street heavyweight Cantor among investment banks pitching FalconX for its potential IPO 11 hours ago Quadruple witching arrives tomorrow as markets brace for potential bitcoin volatility 14 hours ago As crypto trading platforms race to deploy AI agents, here's what a Nasdaq executive is seeing 14 hours ago Bitcoin $20,000 put option is third most popular strike ahead of quarterly expiry 16 hours ago OpenClaw developers targeted in GitHub phishing scam offering fake token airdrops 15 hours ago In this article BTC BTC $ 70,483.40 ◢ 0.42 %