Bitcoin is testing a crucial support zone at the 200-day moving average and the 0.5 Fibonacci retracement level. A bearish breakdown could trigger a major sell-off, while holding above this level may initiate a bullish rebound. Bitcoin is currently trapped between the 100-day and 200-day moving averages, with consolidation the most probable scenario for the short term. The cryptocurrency broke below its ascending channel, suggesting further downside risk. However, the 0.5-0.618 Fibonacci range remains a strong support zone, increasing the likelihood of a mid-term bullish reversal. Investor behavior analysis shows that recent sell-offs have been driven by short-term holders, while long-term holders show no signs of aggressive selling pressure. This suggests that if demand enters the market, it could fuel further price appreciation.



Other News from Today