Bitcoin has been in an upward correction for the past three months, but considering the resistance zone it has now reached — the $81,000 to $85,000 range — it is reasonable to expect the next bearish wave to begin within this area.
Since the rally from $66,000 to $82,000 has formed through price compression and overlapping waves, if the next downward wave starts, we are unlikely to see any major support until the $66,000 level. However, around $66,000, the price will likely encounter support and may consolidate there for some time. Eventually, though, this support is also expected to break, leading the market toward targets below $60,000, with the first major support on the way being around $58,000.
Since the rally from $66,000 to $82,000 has formed through price compression and overlapping waves, if the next downward wave starts, we are unlikely to see any major support until the $66,000 level. However, around $66,000, the price will likely encounter support and may consolidate there for some time. Eventually, though, this support is also expected to break, leading the market toward targets below $60,000, with the first major support on the way being around $58,000.
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