The key point is that Bitcoin held the weekly 38.2% Fibonacci retracement [Video]
|Bitcoin has paused its sharp declines following the Double Top formation at 125,790. The measured target from that pattern sat at 114,867, and price not only broke below it but extended sharply lower.
The key point is that Bitcoin held the weekly 38.2% Fibonacci retracement, which has underpinned the bullish momentum since November 2022. We’ve seen several Double Tops during this period, each producing corrective moves, but none have broken the structural levels that define the broader uptrend. Even the recent overshoot to 80,636 closed back above 83,791, keeping the larger bullish structure intact.
Both my daily and weekly indicators are now turning bullish again, so this bull run should not be written off. At present, Bitcoin remains below the 9‑day and 18‑day moving averages, currently at 88,266 and 89,748. I expect buyers from lower levels to begin unwinding longs here, but they will likely re‑enter aggressively on a break above these averages.
A clean break above them would open the way to 94,003, followed by a retest of 114,867.
On the downside, only a close below 83,791 would put the previous low at 80,636 back in play. And if Bitcoin were to close below the weekly 38.2% Fib, I would expect further downside quickly — and I doubt 80,636 would hold in that scenario.
This is not investment advice — my money, my risk.
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