Bitcoin Macro Retracement: Mid-Range Battle – Will Bulls Regain Their Edge?

As Bitcoin navigates a crucial point, its macro retracement is playing out amid a tight mid-range battle between $86,000 and $100,000. With bearish patterns evident and short-term support in place, the market is poised to determine if bulls can regain momentum or if a further decline is imminent.

Key Takeaways

Bitcoin is facing significant resistance between $96,000 and $100,000.
A confirmed market top suggests a bearish phase is underway.
Key Fibonacci retracement levels indicate potential support at $56,700, $44,000, and $35,000.
Short-term support around $86,000 is crucial for Bitcoin's price stability.

Bitcoin

The current market landscape for Bitcoin indicates a transition into a bearish phase. With key support levels being challenged and a historical formation suggesting potential downturns, both investors and traders are keenly watching for signs of recovery or further declines.

Bitcoin Confirms Bearish Trends: Macro Top Established

Recent analyses from Crypto Patel indicate that Bitcoin appears to have reached a significant market top, leading to a broader phase of retracement. The break below essential bullish support has notably shifted market dynamics toward bearish sentiment.

Technical analysis shows that a Head and Shoulders formation has been completed. Classical charting principles suggest that the downside projection of 162% has already been met, reinforcing the belief that Bitcoin's peak has been established and a substantial trend reversal could be underway.

Focusing on the Fibonacci retracement levels from the bear-market low to the most recent peak reveals several pivotal areas. Noteworthy levels include the 0.382 retracement around $56,700 and the 0.5 level near $44,000, which may represent zones for potential bear-market acceptance. Additionally, the 0.618 retracement near $35,000 is identified as a vital long-term support area.

Bitcoin

On the liquidity front, an unfilled fair value gap between $98,000 and $100,000 could act as a point of attraction for a temporary bounce before the overarching downtrend resumes. Overall, the long-term outlook for Bitcoin remains bearish.

While a short-term recovery towards the $98,000–$100,000 range is feasible, the prevailing direction leans towards a deeper correction into the Fibonacci support levels of $70,000 to $60,000. Traders should stay alert for confirmations and be ready for multiple scenarios as the situation evolves.

Bitcoin Stuck in Range: Key Price Levels to Watch

Bitcoin remains confined within critical zones, according to analysis from CyrilXBT. The price is currently hovering around $90,300, following another rejection at the $96,000–$100,000 supply zone and the 50-day EMA, which has persistently limited upward movements over recent weeks.

On the downside, there is consistent buyer activity around the $86,000–$88,000 demand zone, preventing a breakdown and keeping Bitcoin within its current trading range. Looking at the broader market, Bitcoin has previously cooled down while technology stocks have risen. As momentum in tech begins to wane, Bitcoin is trying to stabilize, but a successful reclaim of the $96,000–$100,000 zone is essential for a shift in momentum.

If Bitcoin manages to sustain a move above $100,000, it could signify a trend reversal. On the contrary, losing the $88,000 support may lead to a deeper retracement towards the $72,000–$76,000 area. Until either of these scenarios unfolds, market action remains unpredictable, and patience is crucial for traders.

Bitcoin
BTC trading at $90,412 on the 1D chart | Source: BTCUSDT on Tradingview.com