Bitcoin has entered a decisive phase this week, slipping toward a key technical support area after failing to reclaim momentum above the 38.2% Fibonacci retracement. With the price now hovering near $90,600, traders are carefully watching whether BTC can stabilize or whether the market is preparing for a deeper correction. The current structure shows compression, fading volatility, and a potential expansion move brewing—but direction remains uncertain.
Network & Market Activity: BTC Holds Ground Despite Sell Pressure
Over the last 24 hours, Bitcoin (BTC) price has shown controlled movement as selling pressure slowed. Exchange outflows remain mildly positive, and on-chain data signals a reduction in aggressive distribution. Trading volumes have cooled after last week’s volatility, but liquidity remains strong across major spot and derivatives markets.
Miners have shown steady behavior, with stabilized outflows and consistent block production. This indicates no active miner capitulation—a key sign that the downside may be limited unless macro sentiment worsens.
Technical Picture: BTC Sits at a Make-or-Break Zone
Bitcoin is currently trading just below the $98,183 (38.2% Fibonacci) level highlighted in your chart. The inability to reclaim this zone increases the risk of continued downward pressure.
Key technical signals from the chart:
- BTC is consolidating in a neutral cluster, indicating a volatility squeeze.
- Price remains below the 38.2% retracement, keeping the bias mildly bearish.
- A clean reclaim of $98,000 is required to regain bullish momentum.
- Failure to bounce strongly may pull BTC toward the deeper 61.8%–78.6% “Reload Zone” between $108,899 and $116,527 — the region where large players historically accumulate.
- Short-term support is found at $88,000, with $82,000 as the deeper corrective level.
Despite the pullback, momentum indicators show early signs of stabilization. RSI is flattening, and OBV is holding in higher ranges, suggesting the downfall is not driven by panic selling.
What’s Next for the Bitcoin (BTC) Price Rally?
Bitcoin’s current structure places it at a critical juncture. If BTC can reclaim the 38.2% Fib level with strong volume, the market may attempt another move toward the upper retracement band and potentially revisit the $108k–$116k reload zone. However, if the consolidation fails and macro conditions tighten, BTC may dip to test lower supports before finding a more stable base.
For early 2025, BTC’s trajectory will largely depend on whether this support cluster holds. A sustained recovery above $98k would signal that the broader bull structure remains intact. A drop below $88k could trigger a deeper corrective phase.
Overall, Bitcoin price is entering a compression phase where the next major expansion—up or down—is nearing.
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