Bitcoin is testing key technical levels after recent volatility, with market sentiment at 24 (Fear) on the CoinMarketCap Fear & Greed Index - a sharp decline from November's peak of 94.
Market Snapshot:
- 24-hour trading volume: $37.14B
- Fear & Greed: 24/100 (Fear) - CoinMarketCap
- Price: $86,000 +/-
Immediate Support Zones:
- $85,995 - The first line of defense. This 23.6% Fibonacci level (identified December 7th) is now in play as Bitcoin hovers near $86,000.
- $83,778 - Secondary Fibonacci support. A break below $86K could see rapid testing of this level as selling pressure builds.
- $78,000–$79,000 - The deep support zone. This psychological floor has held multiple times and represents a critical battleground for bulls.
Longer-Term Levels:
- $76,763 - Weekly forecast low suggests this could be the ultimate retest target
- $87,173 - 50% Fibonacci resistance now acting as immediate overhead if price recovers
Bottom Line: Fear readings below 25 historically signal potential reversal zones, but current price action below $86,000 puts Bitcoin at a critical juncture. The $85,995 level must hold to prevent cascading toward the $78K zone. Next 48 hours are critical.
All levels derived from Fibonacci retracements and our proprietary weekly forecasts.
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