
From the chart above, we can see that Bitcoin is currently reacting around a key support zone, roughly between $104,000 and $109,000, after a few rejections in that same region in previous weeks..
Just below the current price, we can see the 50% Fib Zone ( around $100,700) which aligns perfectly with another historical reaction level.. This level could act as a potential retracement zone if Bitcoin fails to hold the immediate support.. I mean if Bitcoin breaks below the current support, the 50% Fib level might be the next logical support level..
Overall, from a technical perspective, the current structure shows Bitcoin still holding a bullish structure overall, but clearly in a correction or pullback phase.. As long as the support holds the overall bias is still very bullish in the long term…
Chart ContentColor Settings:Background: Black
Bullish Candlestick: Green
Bearish Candlestick: Red
Support & Resistance Lines: Light Cyan Blue
Price Labels: Light Cyan Blue
Common Abbreviations:50% FIB – 0.5 Fibonacci Level
FIB – Fibonacci Retracement
BTT – Bitcoin Talk