Bitcoin is trading just below $86,000, placing the market at an important inflection point. Below are the key support and resistance levels to monitor, along with the conditions that would signal either a bullish or bearish shift.
Support Levels
• $85,995 - First support, aligned with the 23.6% Fibonacci retracement. A sustained break below this level could increase downside momentum.
• $83,778 - Secondary support if $85,995 fails to hold.
• $78,000 to $79,000 - Major support zone with historical significance. A decisive break below this range would confirm a more bearish outlook, with $76,763 as the next downside target.
Resistance Levels
• $87,173 - Immediate resistance corresponding to the 50% Fibonacci retracement.
• $89,000 - Key pivot level. Reclaiming this zone would help stabilize price action and support short‑term bullish momentum.
• $96,000 to $103,000 - Primary resistance cluster for a sustained recovery. The longer‑term upside target near $107,000 only becomes relevant if this range is cleared.
Bull Market Signal
A sustained move above $89,000 followed by a breakout through the $96,000 to $103,000 resistance zone would signal a potential return to a bullish market structure.
Bearish Signal
A breakdown below the $78,000 to $79,000 support zone would indicate a more bearish scenario, increasing the probability of further downside.
Near‑Term Outlook
The next 48 hours remain critical. The $85,995 support level is the key area to watch. Bitcoin is likely to either hold this level and attempt a move back toward $89,000, or break lower and test the $83,000 to $78,000 range.
No comments:
Post a Comment