PANews reported on December 8th that, according to Cointelegraph, crypto analyst Daan Crypto Trades pointed out that Bitcoin is currently hovering near a key technical price level. This level, as a 0.382 Fibonacci retracement range, is a key support and resistance level in the market cycle. It must hold effectively to avoid significant losses. A break below this level could see Bitcoin's price fall to around $76,000, the low point in April. Testing this low would break the existing market structure in the long-term timeframe. On Sunday evening, the Bitcoin market experienced a sharp short-term liquidation, with both long and short leveraged positions being closed. The price briefly fell below $88,000 before quickly rebounding above $91,500. This is undoubtedly an example of a low-liquidity weekend market being manipulated to simultaneously clear long and short leveraged positions.PANews reported on December 8th that, according to Cointelegraph, crypto analyst Daan Crypto Trades pointed out that Bitcoin is currently hovering near a key technical price level. This level, as a 0.382 Fibonacci retracement range, is a key support and resistance level in the market cycle. It must hold effectively to avoid significant losses. A break below this level could see Bitcoin's price fall to around $76,000, the low point in April. Testing this low would break the existing market structure in the long-term timeframe. On Sunday evening, the Bitcoin market experienced a sharp short-term liquidation, with both long and short leveraged positions being closed. The price briefly fell below $88,000 before quickly rebounding above $91,500. This is undoubtedly an example of a low-liquidity weekend market being manipulated to simultaneously clear long and short leveraged positions.
Analysts: Bitcoin bulls must hold the key Fibonacci support level to prevent the price from falling to $76,000.
PANews reported on December 8th that, according to Cointelegraph, crypto analyst Daan Crypto Trades pointed out that Bitcoin is currently hovering near a key technical price level. This level, as a 0.382 Fibonacci retracement range, is a key support and resistance level in the market cycle. It must hold effectively to avoid significant losses. A break below this level could see Bitcoin's price fall to around $76,000, the low point in April. Testing this low would break the existing market structure in the long-term timeframe. On Sunday evening, the Bitcoin market experienced a sharp short-term liquidation, with both long and short leveraged positions being closed. The price briefly fell below $88,000 before quickly rebounding above $91,500. This is undoubtedly an example of a low-liquidity weekend market being manipulated to simultaneously clear long and short leveraged positions.
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