Bitcoin is currently trading below its Fibonacci target zone, with analysts pointing out that the top has not been confirmed and support levels are holding, suggesting a bearish case is premature. According to analyst More Crypto Online on X, the target zone for Bitcoin sits between $82,000 and $94,000, a level that remains unmet. This single fact, they argue, makes a bearish argument difficult to build at this time.
The chart shared by More Crypto Online displays Fibonacci extension levels ranging from 100% at $81,756 to 161.8% at $94,330. Bitcoin is currently trading below this entire band. The analyst emphasized that support is intact, the top is unconfirmed, and the only honest position for traders is patience. This sentiment underscores a market waiting for a clearer directional signal.
Another analyst, ZordXBT, highlighted the $93,000 level as a crucial zone that has been on the radar since January. He noted that most liquidations near $80,000 have already cleared, with shorts being squeezed. However, from $80,000 to $91,000, there are not many pending liquidations. This creates a binary outlook: either Bitcoin turns lower to hunt liquidity below $70,000, or it consolidates until fresh short positions build up, which could fuel a move to the $93,000 zone.
On the daily chart, Bitcoin's price action has shifted from a clear downtrend into a tight consolidation range between $74,000 and $78,000. Sellers are capping rallies near resistance, while indicators show neutral momentum. The price remains below the 200-day exponential moving average (EMA), a key resistance level. Derivatives data shows improvement, with open interest rebounding from a deleveraging phase.
The Fibonacci retracement levels on the daily chart show Bitcoin holding above key structural support. The 100% extension level at $81,756 marks the lower edge of the target zone. Below the current price, retracement levels at $73,668, $71,765, and $67,800 define the downside scenario. Bitcoin currently sits between these two clusters, with support intact on the lower end and the upper target zone remains untagged. ZordXBT put it plainly: without fresh short buildup between $80,000 and $91,000, there is no fuel for a clean breakout run.
This article is based on technical analysis shared by independent analysts and X sources. It does not constitute financial or investment advice.
