Bitcoin started to lose momentum and retreat after strong sales around $82,000. Recent developments reveal that investors trading in the market are now particularly closely monitoring the $74,917 level. Many analyzes in the market highlight whether Bitcoin can hold on to this important support point and whether the price can remain in the upward channel.
Fibonacci Levels and Important Support Zones in the Short Term
The first point that attracted attention in the retreat in Bitcoin was that the price approached the 61.8 Fibonacci retracement level of $77,851. Man of Bitcoin, who examined short-term price movements, explained with the chart he shared on the X platform that BTC fluctuated around $ 77,989, while the price failed to stay above $ 82,750 several times.
Prominent short-term Fibonacci levels on the chart are shown at $78,779, $77,851, and $76,549. In particular, the pause at $77,851 indicates that this level operates as a strong area in correction movements.
It is reported that Bitcoin should remain above $ 74,917. Because this level is considered the main support for the validity of the upward scenario followed in the short term. If the price closes below this level, the bullish plan may become invalid and deeper support levels may come into play.
However, if $74,917 is maintained, there are chances of Bitcoin making an upward move again. The resistance areas highlighted in the charts are listed as 81,960 and 82,750 dollars. This region had previously been the levels that restricted the rise of the price.
In a possible strong bounce, $ 86,582 and $ 87,220 levels may come to the fore. Higher targets such as $ 89,529 are predicted by analysts if the rise continues and the market gains momentum.
It is stated that if Bitcoin breaks below the $74,917 support, the price may test the deeper support zone between $73,357 and $68,433.
Attention was drawn to Withdrawal Signals and $71,000 Risk in the Daily Channel
It is observed on the daily chart of Bitcoin that the price has returned from the upper limit of the ascending channel in recent days. In the analysis published by Captain Faibik in X, it was noted that the price retreated after testing the upper line of the channel at $ 82,000.
This ascending channel stands out as part of Bitcoin’s recovery movement from its February bottom. Looking at the latest price movement, comments are made that Bitcoin may retest the $ 71,000 to $ 72,000 range, which stands out as support.
According to Captain Faibik’s assessment, if the price drops to these levels, buyers will have to step in again and defend the channel. Because this area had previously created an important reaction point on the chart.
If Bitcoin cannot hold in the range of $ 71,000 to $ 72,000, there may be a risk of disruption of the upward trend that has been continuing since February. However, if there is a strong reaction and buying again from this region, BTC’s recovery process may continue.
It is stated that there is serious resistance around $ 82,000 in the short term, and the main support is between $ 71,000 and $ 72,000.
