Bitcoin faces a critical juncture as its macro pullback converges with a tight mid-range battle between $86,000 and $100,000. With bearish patterns confirmed and short-term support maintained, the market now waits to see if bullfighting may regain momentum or a deeper pullback is on the horizon.
Bitcoin confirms macro high: bearish phase underway
According to a update According to Crypto Patel, Bitcoin appears to have confirmed a market top and is now moving into a broader macro pullback phase. The loss of a key bullish support level has changed the market. structure in a bearish phase.
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The chart shows that a head and shoulders formation has fully developed. Classic technical rules suggest that the 162% bearish projection has already been achieved, reinforcing the view that a cycle top has been reached and a major trend reversal is underway.
Looking at the macro Fibonacci retracement from the bear marketmarket From the lowest level to the recent peak, several key levels stand out. These include the 0.382 retracement, which sits near $56,700, and the 0.5 level, around $44,000, which represents an area of potential bear market acceptance. Furthermore, the 0.618 retracement near $35,000 stands out as the strongest long-term support area.
On the liquidity side, an uncovered fair value gap between $98,000 and $100,000 acts as a magnet for a short-term relief bounce before the broader downtrend resumes. Overall, Macro Outlook for Bitcoin Holds bearish.
While a bounce towards the $98,000 to $100,000 region is possible, the dominant path points towards a deeper move towards the $70,000 to $60,000 Fibonacci supports. Traders are advised to wait for confirmation and be flexible, respecting multiple scenarios as the market develops.
BTC Trapped: $96,000 to $100,000 Limit Meets $86,000 Support
Bitcoin remains within a limited range between two critical zones such as noted by CyrilXBT. The price is hovering around the $90,300 area after facing another rejection from the $96,000 to $100,000 supply zone and the 50-day EMA. This region has consistently limited the other way around attempts in recent weeks.
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On the downside, buyers continue to appear around the $86,000 to $88,000 demand zone, preventing the price from falling to a broader level. break down and keep BTC locked within its current range. From a broader market perspective, Bitcoin previously cooled while tech stocks rose. As momentum in tech begins to slow, BTC is attempting to stabilize, but a decisive recovery from the $96,000 to $100,000 zone is still required to shift the momentum.
A sustained move above $100,000 would open the door to a trend reversal. Conversely, a loss of the $88,000 support could expose Bitcoin to a deeper pullback towards the $72,000 to $76,000 region. Until either scenario occurs, price action will remain choppy and patience is warranted.
Featured image from Pixabay, chart from Tradingview.com
