As the market erases its 2026 gains, Bitcoin (BTC) has fallen to its lowest level in weeks and is attempting to reclaim a crucial level. Some market observers have warned that a retest of the November lows is likely if volatility continues.<\/p>\n
On Wednesday, Bitcoin continued to pullback and hit a three-week low of $87,263. The cryptocurrency had been trading between the $90,000-$96,000 range since its start-of-the-year breakout, reaching a two-month high of $97,924 a week ago.<\/p>\n
However, the crypto market has experienced significant volatility over the past few days, fueled by renewed<\/a> geopolitical tensions. As a result, BTC has retraced 10% in the past week, falling to the mid-zone of its $84,000-$94,000 range.<\/p>\n Amid this performance, trader Wealthmanager noted<\/a> that the flagship crypto had retraced all its 2026 gains, briefly falling below its yearly opening and POC. He added that this is a critical level to hold in the coming days, as losing this area could send the price back to the $80,000 mark.<\/p>\n Analyst Crypto Jelle highlighted<\/a> a two-month bear flag structure on BTC\u2019s daily chart, suggesting a high chance of a breakdown. \u201cLose the current lows again, and bears will be fully back in the driver\u2019s seat,\u201d he asserted.<\/p>\n Similarly, Market observer Lyvo Crypto pointed out the same formation, detailing that Bitcoin broke down from the pattern\u2019s ascending support after the recent price action and lost its two-month uptrend.<\/p>\n To the trader, this signals that \u201cmomentum is fully in the bears\u2019 control\u201d and \u201cif it [bearish momentum] sustains, we could see a free fall\u201d that could likely result in a retest of the $78,000 area.<\/p>\n In the case of a breakdown to the November lows, he advised that \u201cfrom there, we\u2019ll wait for confirmation of a double bottom and look for a relief rally.\u201d<\/p>\n Crypto Bullet drew<\/a> a parallel between BTC\u2019s current price action and its performance in early 2022. The analyst affirmed that the current price action closely mirrors its 2022 fractal, which could signal that a major correction is ahead.<\/p>\n At the time, Bitcoin retraced over 40% from its late 2021 cycle top, followed by a \u201cdead cat bounce\u201d at the start of 2022 and a second major correction toward new lows.<\/p>\n Now, the flagship crypto displays a similar performance<\/a> as it has retraced 30% from the October highs and is currently attempting to reclaim the lost ground. However, Crypto Bullet noted that there are two significant differences from its 2022 correction.<\/p>\nBTC To Repeat Its 2020 Price Action?<\/h2>\n