Bitcoin retreated from the $82,477 level it reached over the weekend and fell below $79,000. The cryptocurrency is moving near short-term critical thresholds on the chart for the last two weeks. According to Fibonacci extensions, which are frequently used in technical analysis, after the $ 82,477 level, which was seen as Bitcoin’s first target, was tested, the price dropped below $ 78,000. Following this move, market participants are closely monitoring both resistance and possible support points.
Fibonacci targets and resistance zones
According to the chart shared by analyst Man of Bitcoin, Bitcoin hit the first major Fibonacci level around $82,477 and pulled back. The new technical targets to be monitored in the future are listed as 87.273, 90.169 and 95.347 dollars. Further up, on the wide time frame chart, potential resistances are at $107,910 and $116,306; At the top is the target of $ 126,445.
Bitcoin continues to remain in a large and long-term price structure during this period. The white trend lines at the top and bottom of the chart are positioned well above the current price and close to the $40,000-$50,000 band, respectively. This shows that Bitcoin is still stuck between major macro levels.
In the short term, the $ 82,477-87,273 band stands out as the first main resistance. If Bitcoin clearly exceeds this region, the next targets may be $90,169 and $95,347, respectively. In a reverse movement; Around $77,000 and $74,929 stand out as support points. In a sharper decline, the $71,000-68,000 range is watched as the next support.
Momentum indicators and comments
Another striking element in the chart was the Stochastic RSI (stochastic relative strength index). According to this indicator, it seems that the price has started to recover from the oversold zone. The blue and orange lines have moved sharply upwards above the lower band, especially recently. Analysts state that this development ensures that the upward momentum remains strong.
On the Stochastic RSI panel, indicators accelerating from the oversold zone indicate that the current upward move is not yet completely over.
However, since the $82,477-$87,273 band has not been permanently breached, it is critical for the price to break above this range for the continuation of the upward move. Otherwise, Bitcoin may continue its current sideways movement.
Weekend CME gap and short-term price movement
With Bitcoin trading at $78,371 over the weekend, a potential price gap has formed in CME futures at $79,123. Such gaps are generally considered areas that the market tends to fill in the short term. According to the chart shared by analyst Daan Crypto Trades, the price fell from around $79,100 to below $78,000 over the weekend; Then, it climbed to $78,300 again with a partial recovery, but there was no close above the gap.
At the point that determines the CME gap, the $ 79,123 level stands out with the dashed line. Currently, Bitcoin is fluctuating in the range below here, between $77,800-$78,400. According to the analyst, since the price is hovering just around this level, there is a high probability that this gap will be closed with an increase at the beginning of the week. Otherwise, as the price is suppressed, horizontal movements in the narrow band may continue.
The CME gap level formed at the end of the week may direct the price movement in the short term. Technically, the price may tend to complete this range, but it does not produce a definitive directional signal.
In summary, there was a price movement in which Bitcoin saw an important technical target on the two-week chart and withdrew, and strong resistance and support areas were determined in the short term. Recent developments have investors keeping a close watch, especially at $79.123 and the upper $82.477-$87.273 band.
