Bitcoin Breaks Critical Fibonacci Support: Is This the Bottom or Just the Beginning?
Bitcoin just sliced through a key Fibonacci retracement level. The charts are flashing red, and traders are scrambling.
The Technical Breakdown
That wasn't just any support line. The 0.618 Fib level acts as a major psychological and technical battleground. Breaking it signals a potential shift in market structure—from a healthy pullback to something more concerning. Momentum indicators are leaning bearish, and volume suggests sellers aren't done yet.
What Comes Next?
History doesn't repeat, but it often rhymes. Previous breaches of this magnitude have led to cascading liquidations, pushing prices to hunt for liquidity at lower levels. The next significant support zone now becomes the primary target. A swift recovery back above the lost level would signal incredible strength, but the path of least resistance currently points down.
The Bull Case in the Rubble
Panic creates opportunity. Sharp, fear-driven sell-offs often set the stage for the most powerful rallies. Long-term holders are watching for accumulation signals, while leveraged speculators get washed out—a classic, if painful, market cleanse. Remember, in crypto, the most convincing breakdowns sometimes reverse the fastest.
The market's next move hinges on whether this is smart money exiting or just another over-leveraged casino getting its wings clipped—a cynical but frequent finance reality. Watch for a reclaim or prepare for deeper tests. The trend isn't your friend until it is again.
Bitcoin has fallen below a key Fibonacci level, but a recent Golden Cross signals potential for a rebound. Bitcoin (BTC) has experienced a 2.3% drop in the last 24 hours, currently trading at $90,230, with the price fluctuating between $89,623.50 and $94,177.16 during this period.
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