Bitcoin Faces Key Resistance Levels as Macro Correction Looms
Bitcoin's price is currently testing critical levels that could determine its next move. Recent analysis indicates:
- Bitcoin has surged to the 0.5 Fibonacci retracement level at $116,000.
- The Relative Strength Index (RSI) suggests buyers may continue pushing prices higher before reaching a peak.
- $118,000 is identified as a crucial level, aligning with the 0.618 Fibonacci retracement and a significant wave target. A rejection here could indicate the end of the bull run.
If Bitcoin fails at $118,000, it might experience a steeper correction back to the $110,000 - $106,000 range. Conversely, momentum could drive it to test the $120,000 - $122,000 zone.
- Breaking $122,000 would challenge the macro correction theory and potentially lead to new highs between $122,000 - $124,000.
- A strong rejection in this region could confirm a macro downturn, suggesting recent rallies were corrective.
This situation highlights key levels for investors to monitor, as they could signal either further upward potential or a return to lower support zones.