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The Bitcoin price has been ranging around the 61.8% Fibonacci retracement level for weeks now! And still yet, the BTC bears have been unable to break below it.
This shows that there is a massive amount of buying pressure building up at this key level in the Daily timeframe.
In this Ethereum analysis, we will be breaking down what this might mean for the Bitcoin trend and what this key support at the 61.8% fib level says about the changing sentiment in Bitcoin from bearish to bullish.
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Can This 61.8% Fib Level Hold?
This Fib level falls around the $25k price region in the Daily timeframe. And we have seen the Bitcoin price test this key support on numerous occasions and fail to break through.
This makes it a very key level important to the bulls. Because if we break through it, this would mean that all buyers that have been holding on to this $25k support since last year have finally been taken out.
A bearish move like that could be bad for Bitcoin and might be the fuel to push the prices even lower in the coming weeks.
However, if this key support holds then there is a very high probability that we might see a massive bounce and rally in Bitcoin in the coming days. We have seen this sort of rally in the past every time the BTC price got to this $25k support region. Would it repeat again in the coming days?
Final Verdict!
The Ethereum price is currently trading at a key fib level that also doubles as key support for Bitcoin.
This $25k price support has pushed prices back up over and over again in the past, will we see such a bullish move repeat itself in the coming days?
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