Bitcoin bulls must defend key level to avoid $76K, say analysts
Analysts warn Bitcoin bulls must defend the 0.382 Fibonacci support level to prevent a drop toward April lows near $76,000.Summary
Crypto analysts, including "Daan Crypto Trades," emphasize that Bitcoin must hold the 0.382 Fibonacci retracement zone, a critical support level, to avoid a significant drop to April lows around $76,000, which would break the high time frame market structure. This warning comes after a weekend liquidation flush that saw BTC briefly dip below $88,000. Market focus is now on the upcoming Federal Open Market Committee (FOMC) meeting, where a 0.25% rate cut is widely expected. However, experts note that the Fed Chair's cautious signaling post-October has sustained mild pressure. With depressed volumes and negative ETF flows, analysts see downside risk as more pronounced than upside unless upcoming jobs and inflation data align with expectations for continued monetary easing.
(Source：Cointelegraph)