Currently hovering at the 2.618 Fibonacci level of $106,200 on the weekly timeframe, BTC sits at a critical juncture. Will it break past this level to continue its bullish rally, or is a retracement to lower zones on the horizon? This analysis dives into Bitcoin’s price action, key support and resistance levels, and what the charts are telling us about the next potential move.
Weekly Timeframe Analysis
- BTC is currently sitting at the 2.618 Fibonacci level, which is 106,200.
- For the uptrend to continue, we need a weekly candle closure above 106,200, which would confirm bullish momentum.
- The next macro target after a confirmed break is 170,900.
- Typically, at a key level like this, the market may retrace back to the 1.618 Fibonacci level, which is around 73,900. However, since we’re already in a bull run, this scenario seems less likely for now.
Daily Timeframe Analysis
- If a retracement occurs, key zones to monitor are between 93,000 and 97,000, with no daily candle closure below 93,000—just wicks in that region.
- Alternatively, we may consolidate at the current level before pumping higher. A retracement isn’t guaranteed, but it’s good to stay prepared for these zones if it happens.
On the daily timeframe, after achieving a daily candle closure above $107,949, Bitcoin’s next micro targets are set at $117,400 (the 2.618 Fibonacci level) and $136,400 (the 4.618 Fibonacci level) before progressing toward the macro target of $170,000. Currently, BTC is holding firmly at the $100,032 zone, which aligns with the 0.786 Fibonacci level. This makes it a pivotal support zone for maintaining the bullish momentum and continuing the uptrend. A break below this level could disrupt the bullish structure, but as long as it holds, the path toward higher targets remains intact.
For now, patience is key as the market decides its next direction. Let’s see how this consolidation plays out and remain prepared for either scenario.
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