Bitcoin Consolidates Between $102K and $96K: Traders Eye the $91K Fibonacci Target

News

  • BTC was rejected at $108,355, retracing to $102,000 support, with volume accumulation at $96,000–$97,000.
  • The 0.236 Fibonacci level near $91,000 signals a potential deeper correction amid ongoing consolidation.
  • Immediate resistance and support levels at $108K, $102K, and $96K dictate Bitcoin’s next trend direction.

Bitcoin has recently completed a critical pullback, reaching significant levels in its ongoing market cycle. The leading cryptocurrency cleared a bearish order block and retraced to test its previous local high. This movement sparked discussions about whether the correction phase has concluded or if further downside is imminent.

Bitcoin’s Key Market Movements

The recent price action saw Bitcoin retrace to a significant resistance-turned-support zone. This zone aligns with the previous local high, where a bounce occurred following the initial decline. Despite the rebound, market analysts remain attentive to the potential for another pullback before a sustained upward trend resumes.

According to Bitcoin’s observation by AlphaBTC, the price chart indicates a rejection at the $108,355 bearish order block, triggering a pullback. The price was retraced to the $102,000 support zone, which is holding as a potential reversal point. Volume accumulation is evident between $96,000 and $97,000, serving as a significant mid-level support.

Source: AlphaBTC(X)

The 0.236 Fibonacci retracement level near $91,000 represents a potential deeper correction target. Downward trend lines point to the possibility of further declines if key supports fail. Immediate resistance remains at $108,355, with critical levels at $102,000, $96,500, and $91,000 dictating the next trend direction amid ongoing consolidation within this range.

The current structure in Bitcoin’s price chart indicates a healthy retracement, often seen in consolidating markets. Traders and investors closely monitor these levels for confirmation of support, as such reactions often dictate the next major trend direction.

Potential for Further Downside

While Bitcoin has shown resilience at key levels, market participants are considering the likelihood of additional downside. Historically, corrections within ongoing bullish phases often retest deeper support zones before resuming upward trajectories. Market behavior suggests a possible revisit to lower levels, presenting opportunities for accumulation.

Data from the broader market context aligns with this perspective. Indicators such as volume trends and market sentiment suggest consolidation rather than immediate breakout behavior. Traders are closely observing these developments to determine entry and exit points.

The post Bitcoin Consolidates Between $102K and $96K: Traders Eye the $91K Fibonacci Target appeared first on Cryptonewsland.

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