Elliott Wave suggests BTC correction could end at $86.4k, bounce to confirm trend shift.
Bitcoin’s share of the total crypto market cap is holding above the 57.7%-58.5% support area. On the weekly chart, BTC dominance was sitting at 59.2%, just above the demand zone that has held multiple times this year. A bounce from this level suggests that Bitcoin continues to lead over altcoins in market share.
If the level holds, BTC dominance could push toward the 62.1% resistance zone. That level acted as a ceiling earlier this year. Price movement over the next few candles will confirm if this is a temporary pause or the start of another leg higher. If the support fails, a drop toward 54.6% remains possible.
Session-based data shows that price gains have come during the US and EU hours. The chart tracking Bitcoin cumulative returns by session between November 22 and 28 shows the US market with nearly 11% return, while the EU session follows closely behind.
Asia-Pacific sessions have remained flat or slightly negative. This shift contrasts with prior weeks, when both the US and EU sessions saw consistent selling. According to DaanCrypto Trades, i and with ETFs showing smaller outflows, price pressure has reduced for now.
Bitcoin’s recent correction may have reached a technical low. According to Elliott Wave analysis, the A-B-C corrective move tapped the 1.236 Fibonacci extension at $86,416. This level aligns with Wave (2) expectations under Elliott Wave structure. Price has since bounced to around $91,200.
If the rebound holds, it may signal the end of the correction. A breakdown below $86.4k, however, would open the door to the next extension target near $73,801, based on the 1.618 Fib. The market is watching this support to confirm whether Wave (3) begins next.
Bitcoin was trading at $90,640.77 with a 24-hour volume of $58.6 billion. The price is down 0.5% over the last day but remains up 7.1% on the week. Market activity has remained consistent, with no signs of panic or aggressive sell-offs.
