---
title: "Bitcoin Price Analysis: Where Is the Bottom as BTC’s Correction Accelerates?"
url: https://thecoingazette.com/bitcoin-price-analysis-where-is-the-bottom-as-btcs-correction-accelerates/
date: 2026-11-14
modified: 2026-11-14
lang: en
author: "Coin Gazette Editorial"
description: "Bitcoin’s correction has sped up over the past week and is now dropping almost vertically. It currently trades around $65K after cutting through several support levels. The latest drop pushed BTC below its daily ascending channel and the key $70K support zone, which leaves deeper demand areas exposed. Meanwhile, the Adjusted SOPR metric indicates that […]"
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  - "cryptocurrencies"
  - "Defi"
  - "Market Trends"
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image: https://i3.wp.com/cryptopotato.com/wp-content/uploads/2026/11/BTCUSDT-D-scaled.jpg?w=1400&fit=1400,960&ssl=1
word_count: 597
---

# Bitcoin Price Analysis: Where Is the Bottom as BTC’s Correction Accelerates?

Bitcoin’s correction has sped up over the past week and is now dropping almost vertically. It currently trades around $65K after cutting through several support levels. The latest drop pushed BTC below its daily ascending channel and the key $70K support zone, which leaves deeper demand areas exposed. Meanwhile, the Adjusted SOPR metric indicates that coins moving on-chain are now, on average, being spent at a loss again, which is not a good signal.
Bitcoin Price Analysis: The Daily Chart
On the daily chart, Bitcoin has broken below the lower boundary of the ascending channel that guided its recovery from the June lows. The breakdown followed a rejection from the $80K zone in early November. It also slipped both the 100-day and 200-day moving averages, located around $78K and $73K, respectively. This is notable, as the two averages printed a bullish crossover only in early October.
The price has also slipped below the $70K zone, which marks the base of the sharp August rally. To invalidate the breakdown, buyers would need to reclaim this level and then the $73K region, where the channel’s lower boundary and the 200-day moving average meet. Until then, the former support could act as resistance on any relief rally.
If selling pressure continues, the next demand zone sits around $63K, where the price consolidated during August before the breakout. Below that, the $60K region, which formed the June–July lows, is the more significant floor. A decisive daily close beneath it would effectively erase the recovery structure of the past five months.

BTC/USDT 4-Hour Chart
The 4-hour chart shows Bitcoin trading within a descending channel since the late-September rejection from the $86K-$87K supply zone, with consistently lower highs and lower lows. The latest attempt to break above the channel’s upper boundary was rejected around $81K in early November, and an aggressive sell-off followed.
The decline first broke the channel’s lower trendline and the $76K demand zone, then accelerated through $70K. BTC briefly dropped toward $65K and is now consolidating around $65.5K, with buyers showing only a minor reaction so far. A relief bounce would likely meet resistance at the $70K zone, which sellers could now 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 remains bearish. Any rebound below that level would more likely be a pullback than a reversal.

On-Chain Analysis
The Adjusted Spent Output Profit Ratio (aSOPR) on CryptoQuant measures whether coins moved on-chain are, on average, being sold at a profit or a loss. It excludes very short-lived outputs. Readings above 1 indicate profit-taking, while values below 1 suggest participants are realizing 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 that recent buyers are selling at a loss, a condition that has often coincided with local bottoms as selling pressure exhausts. However, 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.

 
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