Bitcoin Price Prediction: BTC Breaks Below $74K as $60K Support Comes Into Focus

Bitcoin’s recovery is facing another test as the price struggles to move decisively above the $74,000 region. After bouncing from the 59,000–60,000 support area, BTC price climbed towards $88,000 before losing momentum and returning to its current trading range. The pullback has raised questions about whether the recovery has run its course or whether the market is preparing for another attempt at higher levels.

Two developments offer an interesting perspective on what could come next. Bitcoin’s liquidation map shows a considerably larger concentration of potential short liquidations above the current price, while the weekly chart presents a possible Elliott Wave structure in which BTC could revisit $65,800 before attempting another recovery. 

Liquidation Map points to a Potential Short Squeeze

Bitcoin’s liquidation map reveals a notable imbalance between leveraged positions above and below its current price of $73,941. The cumulative short liquidation leverage climbs sharply as BTC moves towards higher price levels, reaching approximately $6.4 billion across the displayed range. In comparison, cumulative long liquidation leverage stands at roughly $1.5 billion below the current price.

This difference suggests that Bitcoin has a considerably larger pool of potential short liquidations overhead. If buyers regain control and push BTC higher, short sellers could be forced to close their positions by purchasing Bitcoin, potentially adding to the upward momentum.

The most notable liquidation clusters appear around the following levels:

• $76,300 to $77,900: A major concentration of short liquidation liquidity, making this an important area to watch during a recovery.

• $78,700 to $79,900: Another sizeable liquidity pocket that could attract price if buying pressure strengthens.

• $81,100 to $82,100: A further cluster that could become relevant if BTC moves through the lower liquidity zones.

However, this positioning does not guarantee an immediate rally. Bitcoin still needs to attract sufficient buying interest to reach these levels. On the downside, a sustained decline could expose leveraged long positions to liquidation, adding to selling pressure.

Elliott Wave analysis: Why could Bitcoin revisit $65,800?

Bitcoin’s recovery from the 59,000–60,000 region towards $88,000 has lost momentum, bringing the possibility of another downside move into focus. Under the proposed Elliott Wave structure, the rebound represents Wave A of a potential A-B-C corrective pattern, with Wave B possibly extending towards $65,813.

The weekly chart’s momentum indicators add to this cautious outlook. The MACD line is approaching a bearish crossover with its signal line, suggesting that bullish momentum is weakening. Meanwhile, the DMI shows sellers holding a slight advantage, with -DI at 21.82 compared with +DI at 18.28. The ADX reading of 18.50, however, indicates that the prevailing trend lacks strong directional momentum.

A retest of $65,813 could therefore become an important point for Bitcoin’s recovery attempt. If buyers defend this support and push BTC higher, a potential Wave C could bring 88,000–90,000 back into focus, followed by $100,000 and the higher resistance near $110,250. However, a breakdown below $65,813 could expose the next support at $59,270, weakening the bullish corrective outlook.

The proposed A-B-C structure remains conditional, with the Wave B retest and subsequent price reaction needed to strengthen the interpretation.

Bitcoin Price Prediction for November 2026: Two Scenarios to Watch

Bitcoin’s next move will largely depend on whether buyers can defend the support levels identified in the Elliott Wave structure. While the liquidation map highlights substantial short-side liquidity overhead, the weakening momentum indicators leave room for another downside test.

Bullish scenario: If BTC holds above the $65,813 support region after a potential Wave B retest, buyers could regain momentum and initiate Wave C. A recovery above $88,000 to $90,000 would strengthen the outlook, with $100,000 and $110,250 emerging as higher resistance targets. A move through $76,300 to $77,900 could also expose the short liquidation clusters identified on the derivatives map.

Bearish scenario: If Bitcoin fails to defend at $65,813, selling pressure could intensify and push the price towards $59,270. A breakdown below this level would further weaken the proposed bullish corrective structure and raise questions about whether the broader decline has finished.

For now, the $65,813 support zone remains the key level to watch. Its reaction could determine whether Bitcoin is preparing for another recovery attempt or facing an extended correction.