Bitcoin Challenges Critical Fibonacci Resistance at $122K as Deribit Exchange Shows $3B in Call Options

Bitcoin bulls are mounting another attempt to break above the psychologically crucial $122,000 level, testing the 1.618% Fibonacci extension drawn from the 2018 and 2022 bear market lows. This 'golden ratio'—a key technical analysis benchmark—has emerged as a decisive battleground for market sentiment.

The cryptocurrency briefly hit $122,171 during Asian trading hours, marking its second test of this resistance zone. A confirmed breakout could propel prices toward $140,000, where Deribit exchange data reveals $3 billion in open interest for call options. Conversely, rejection at this level risks a retracement to $112,000 support.

Market participants await U.S. inflation data, which could determine whether institutional buying pressure outweighs profit-taking. This macroeconomic catalyst may dictate Bitcoin's next significant price movement.