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The Fibonacci retracement levels highlight key support zones, with the 0.236 level at $93,260 and the 0.382 level at $85,512 acting as critical areas. A sustained hold above these levels would strongly confirm a higher low, supporting a bullish outlook.
The Relative Strength Index (RSI) remains neutral, neither overbought nor oversold, suggesting indecision among traders. However, volume analysis indicates decreasing selling pressure, which could hint at accumulation before a breakout. The primary resistance remains near $106,000, a key pivot level that must be cleared for further upside momentum.
Should Bitcoin fail to reclaim higher levels, deeper corrections could target the 0.5 Fibonacci retracement at $79,250 or even the 0.618 level at $72,988, which would signal an extended corrective phase before resuming its uptrend.
BTC Price Prediction
Zooming into the 1-hour timeframe, Bitcoin appears to be forming the initial stages of a new five-wave impulsive sequence following its corrective Wave 4 bottom at $91,600 on Feb 3. The recent move from there to a high of $102,550 could be counted as sub-wave (i) of the developing larger Wave 5.
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