Bitcoin (BTC/USD) retraced sharply after reaching its recent swing high near 124,930. The price action formed a clear correction toward the 0.786 Fibonacci retracement level, which acted as a strong resistance zone around 124,038. The market then reversed downward, confirming this level as a potential short-term supply area.
Currently, BTC is attempting a recovery after finding support near 120,741 (Fib 0 level). A sustained move above the 0.382–0.5 retracement range could indicate renewed bullish momentum, while rejection below 0.786 may keep the pair under pressure.
This setup highlights how the 0.786 Fibonacci retracement level serves as a key reaction point for trend continuation or reversal in the current structure.
Currently, BTC is attempting a recovery after finding support near 120,741 (Fib 0 level). A sustained move above the 0.382–0.5 retracement range could indicate renewed bullish momentum, while rejection below 0.786 may keep the pair under pressure.
This setup highlights how the 0.786 Fibonacci retracement level serves as a key reaction point for trend continuation or reversal in the current structure.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.