Peter Smith
⬤ Bitcoin is sitting at a make-or-break technical level right now after pulling back from recent highs. Price has stabilized around the 50% Fibonacci retracement zone near $77,000, which is acting as a critical battleground between buyers and sellers. The chart shows BTC consolidating just beneath what used to be resistance, with momentum cooling off as the market tries to figure out its next move.
⬤ The technical picture reveals a correction playing out below the $80,000 mark. That 50% retracement level sits around the mid-$77K area and is working as an immediate pivot point, while the 38.2% retracement near $78,900 has already pushed back a few upside attempts. According to the current setup, there's no confirmed breakout yet—which means we could see one more dip lower before any meaningful rally takes shape.
⬤ If selling picks up, there are clear downside targets to watch. The chart points to potential support zones around $75,700, with a deeper extension down to $73,800 if pressure intensifies. These levels line up with previous reaction points and Fibonacci projections, suggesting the downside risk is still real until Bitcoin can push back above resistance. Without a strong move higher, expect continued choppiness in the short term.
⬤ This matters because Bitcoin's price action tends to set the tone for the entire crypto market. A clean break and hold above $80,000 would flip the script and lower the odds of another leg down. Until that happens, BTC remains in a fragile spot where patience and confirmation are key before any clear direction emerges.
Peter Smith
