Bitcoin Faces Critical Retracement Amid Bearish Patterns
- Bitcoin is currently range-bound between $86,000 and $100,000.
- A confirmed Head and Shoulders pattern suggests a cycle top with a bearish phase underway.
- Key Fibonacci retracement levels include $56,700 (0.382), $44,000 (0.5), and $35,000 (0.618).
- An unfilled fair value gap between $98,000 and $100,000 may trigger a short-term relief bounce.
- Bitcoin is trading at approximately $90,412.
Bitcoin’s market structure has shifted into a bearish phase following the confirmation of a macro top and the formation of a Head and Shoulders pattern. The cryptocurrency is navigating key Fibonacci retracement levels as traders watch for potential support or further declines.
With Bitcoin trading around $90,412, the market remains in flux between significant support at $86,000 and resistance near the $100,000 mark. Traders are advised to remain cautious as price action could lead to further volatility in either direction.
