Bitcoin’s latest correction is approaching a critical phase as price action gravitates toward major support in the mid-$90,000 region.
Meanwhile, the prominent financial institution JPMorgan has maintained that the market structure remains intact, despite the asset trading at around $96,163, experiencing a 23.8% decline from its all-time high of $126,220 set on October 6. The bank argued that support near $94,000 continues to anchor the broader uptrend, backed by resilient demand and firm on-chain fundamentals.
BREAKING: 🇺🇸 JPMorgan says Bitcoin has strong support around $94,000 and still sees a potential move toward $170,000 ahead.
Bullish 🚀 pic.twitter.com/1YWpMbrxJ5
— Ash Crypto (@AshCrypto) November 15, 2025
Bitcoin Corrections Mirror Previous Bull Cycles
Market analysts note a familiar pattern emerging during the current move. Rajat Soni, CFA, said that a 23.8% retracement aligns with the type of corrections that appeared repeatedly during previous bull cycles.
Bitcoin recorded drops of 29%, 33%, 36%, and several 38% declines during the 2016–2017 rally. Each downturn, according to historical data, acted as a mid-cycle reset rather than a shift into bearish territory.
Soni argued that the present retracement mirrors that trend, suggesting long-term participants may treat the downturn as a strategic accumulation phase. His position aligns with the view held by JPMorgan, which projects a target of $170,000.
Despite short-term pressure, the broader data indicate a market that continues to absorb volatility while maintaining its upward trajectory.
MACD Signals Align With Prior Bottoming Zones
Meanwhile, additional technical signals add context to the current decline. A widely circulated chart from Merlijn The trader suggests that steep drawdowns have followed every significant upward extension in the current cycle.
The corrections ranged between 18% and 30% throughout 2023, 2024, and 2025. Notably, each decline coincided with a bottoming signal on the weekly MACD.
According to Merlijn, the same alignment is emerging again. The chart labels the ongoing downturn as “–20% (So Far),” placing it squarely within the familiar pattern of volatility that historically preceded new advances.
He framed the decline as a standard flush rather than the early stages of a longer reversal. The confluence of MACD behavior, repeated correction sizes, and persistent higher-time-frame strength reinforces the argument that the market remains in a constructive phase.
Further Bitcoin Downside?
Remarkably, the short-term focus has shifted toward the unfilled CME gap, which is around $92,000, as highlighted in a chart shared by analyst Ted Pillows.
The analysis maps a sequence of broken support blocks between $98,000 and $111,000, signaling where buyers failed to defend earlier levels. Each lost support adds weight to the expectation that Bitcoin may need to tap the liquidity sitting near the gap before attempting a recovery.
$BTC is now getting closer to its $92K CME gap.
At this point, Bitcoin is going to fill this gap before any bounceback. pic.twitter.com/PsNtsyq2c5
— Ted (@TedPillows) November 15, 2025
Below those regions sit major demand zones between $94K and $88K, which reinforce the importance of the area Bitcoin is now approaching. Traders often view CME gaps as price magnets, especially in periods of momentum-driven corrections.
The CoinRemark Team
Evans Kelvin
