Bitcoin Holds $65K Support Zone — Wave 3 Breakout in Play

2026-03-23 20:20:54

⬤Bitcoin is stabilizing near a critical support zone around $65,000 after a sharp decline within a descending channel. This level has held so far, aligning with the lower boundary of a well-defined demand zone. Price action shows BTC reacting from this area after a multi-wave corrective structure, suggesting a potential base forming within the current range.

⬤The BTC price structure reflects a completed downward sequence marked by multiple lower highs and lower lows. A blue accumulation zone between roughly $64,000 and $70,000 has repeatedly served as support range where a breakdown previously triggered liquidations and the evaporation of $990M in open interest in just two hours.

⬤From a technical standpoint, the current structure suggests a potential transition into a new upward sequence often described as a Wave 3 or C move in Elliott Wave terms. A short-term rally toward the mid-$70,000 region could face resistance before continuation. Another retest of the $65,000 zone remains possible before a stronger move develops, consistent with the analysis in Bitcoin Falls Below $68K – Reclaiming $70K Is Now Critical, which identified $65K-$66K as a key demand area.

⬤The current BTC setup marks a clear inflection point. Support and resistance levels are tightly defined, and the next directional move will likely set the tone for the weeks ahead. Structural support near this zone has held across previous cycles, reinforcing its significance dynamic also noted in Sweden Weighs Bitcoin Reserve to Hedge Inflation, where accumulation patterns near similar price levels were observed.

BTC3,41%

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