Bitcoin’s latest rally attempt stalled in alignment with the 78.6% Fibonacci retracement. This key ratio corresponds with the move off the last two cycles.
According to technical trader Ali, hitting this 78.6% extension level could leave Bitcoin vulnerable to a pullback based on historical precedent. Specifically, Ali cites the last two bull cycles, where Bitcoin typically retraced toward the 50% Fib level after tagging the 78.6% extension.
Potential Support Align With On-Chain Behavior
During those past cycles, Bitcoin bottomed around the 50% Fib retracement before eventually breaking out into new bull market runs toward exponential new highs. This time around, the 50% level lands around $32,700 based on measuring from those same June lows.
Intriguingly, this potential target support zone aligns with key on-chain levels that could exacerbate selling pressure but also represent accumulation opportunities for long-term believers in Bitcoin’s trajectory. Various analysts cite the $30,000–$35,000 area as the battleground where bull and bear scenarios could play out.
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Show more +So in summary, Bitcoin stalling after hitting stiff resistance conforms to the prior market rhythm. However, given uncertain global conditions in 2024, reliably forecasting Bitcoin’s volatile swings proves as challenging as ever.
Still, judiciously scaling into positions during periods of extreme fear near established areas of potential demand could reward investors fixated on Bitcoin’s enduring long-term appreciation potential if this expected pullback materializes over coming months.
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