$92,070 Resistance or $65,635 Correction?

• Bitcoin’s support at $84,220 is at risk of breaking, targeting $65,635.
• A bearish wedge pattern suggests a significant drop to $65,635.
• Resistance at $92,070 remains a critical point for Bitcoin’s price action.

Presently, trader and investor sentiments are, understandably, overwrought by recent Bitcoin price action. The situation states that on March 28, 2025, Bitcoin traded at $84,220, being a few ticks away from the crucial level of resistance lying at $92,070. The chart shows a formation of an ensuing bearish wedge pattern that hints at more potential downward moves. A break below $84,220 will likely trigger fast-down action towards the $65,635 region, which is derived from the previously formed double top. It is further validated through a bearish view as it sits above the price around the 18-period moving average, showing signs of resistance. 

Bearish Wedge Targeting $65,635

The chart spells the development of a major bearish pattern. The recent movements in Bitcoin create a wedge formation, typically signaling a reversal that could push prices much lower following a downward break of the wedge. Right now, the price at $84,220 is sitting just below the past high of $92,070, which is a failed break. 

If a breakdown were to occur, target price would be $65,635, defined by the double top pattern. Bitcoin, therefore, would find itself with an intense correction toward this target. The decrease between the current price and this lower target gives an estimated drop of 22%, which does not sit well with short-term traders that remain bullish on Bitcoin.

This bearish outlook is confirmed when Bitcoin breaks the $84,220 support level. Following the breach of this level, you can expect lower prices with Bitcoin possibly moving toward the low $60,000 range. 

Bitcoin’s recent attempt to test the $92,070 level and failure to hold this high is indicative of an ongoing battle for that momentum. A large percentage of investors are likely waiting for a substantial move above this level with a quick drop below $84,220, potentially triggering a chain reaction of sell orders and a deeper plunge 

Breaking Down the Price Action

Since mid-February 2025, Bitcoin’s price movement has exhibited relative calm juxtaposed by increasing volatility as it approached decisive levels. The inability to break above $92,070 and the descending wedge forming on the chart point to limited upside potential. 

The 18-period moving average thus aligns itself with price action and strengthens the bearish outlook. Should Bitcoin break down below $84,220 support, the next solid foothold would be at $65,635. This price level best corresponds with the previous double top resistance, which now offers that price for consideration in the context of a potential downtrend. 

What is at Stake for Bitcoin Traders

For Bitcoin, it is undoubtedly most critical over the next few days, being embraced on the brink of a major move. Based on the trading pattern, Bitcoin wedge formation and price action seem to suggest that the next move could be very pertinent. There can be a bounce to higher resistance levels if support at $84,220 holds.