Bitcoin’s correction has been speeding up over the past week and is now plunging almost straight down rn. It trades around 65K after slicing through multiple support levels. This latest drop shoved BTC below its daily ascending channel plus the key 70K support zone, exposing deeper demand zones. Meanwhile the Adjusted SOPR shows coins moving on-chain are getting spent at a loss on average, which feels like a rough signal 🖤.
Daily Chart Breakdown 🌑
On the daily chart Bitcoin busted below the lower edge of that ascending channel guiding its recovery from June lows. The breakdown came after a rejection at the 80K zone early November. It also slipped both the 100-day and 200-day moving averages sitting near 78K and 73K. That crossover only turned bullish back in early October.
The price fell under the 70K zone marking the base of the sharp August rally. Buyers would need to reclaim this level then the 73K region where the channel’s lower boundary and 200-day average meet to invalidate the breakdown. Until then the old support might act as resistance on any relief bounce 💀.
If selling keeps pushing the next demand zone sits around 63K where price consolidated during August before the breakout. Below that the 60K region forming the June-July lows acts as the bigger floor. A decisive daily close under it would wipe out the recovery structure of the past five months.
Four Hour Chart Vibes 🦇
The 4-hour chart shows Bitcoin trading inside a descending channel since the late September rejection from the 86K-87K supply zone with consistently lower highs and lows. The latest try to break above the upper boundary got rejected around 81K early November and an aggressive sell-off followed.
The drop first broke the channel’s lower trendline and the 76K demand zone then accelerated through 70K. BTC briefly dipped toward 65K and now consolidates around 65.5K with buyers showing only minor reaction so far. A relief bounce would likely hit resistance at the 70K zone which sellers could defend as supply 🕷️.
On the downside the next notable demand lies around 63K matching the base of the August consolidation on the daily chart. Until BTC reclaims 70K the short-term structure stays bearish. Any rebound below that level would more likely be a pullback than a reversal.
On Chain Signal Check 🔮
The Adjusted Spent Output Profit Ratio on CryptoQuant measures if coins moved on-chain are sold at profit or loss on average excluding very short-lived outputs. Readings above 1 indicate profit-taking while values below 1 suggest participants realize losses. The chart tracks the metric’s 30-day exponential moving average.
The indicator stayed above 1 for most of 2025 and peaked near 1.07 during the late-2024 rally. It dropped below the threshold in early 2026 reaching approximately 0.98 as BTC fell toward 60K and dipped again during the June-July lows. After recovering to around 1.013 in October the 30-day EMA has now fallen back below 1 currently near 0.995 🥀.
This shift suggests recent buyers are selling at a loss a condition that has often coincided with local bottoms as selling pressure exhausts. Yet the metric could decline further as it did in February. A sustained move back above 1 together with a reclaim of 70K would be a more convincing sign that the selling phase is easing ✨.
Just another echo from the void by iconofsin.eth 💖
