Bitcoin is currently trading near the critical resistance zone at around $94,250, a level known as the Golden Ratio in Fibonacci analysis. This level is considered very important in both technical trading and natural patterns, and often marks a strong turning point in price. Bitcoin reaching this level suggests that recent rallys may be slowing down, and traders are looking closely to see what happens next.
So far, Bitcoin has shown signs of a possible five-wave movement from its April low. If this pattern is completed, it is a clear sign of bullishness and you can open the door for further profit. However, if the movement turns out to be a three-wave structure, it may mean that the market is still in the wider bear trend, and this recent rise has only been a temporary recovery.
Key support for current trends ranges from $84,526 to $88,494. As long as prices remain above this zone, the outlook remains positive in the short term. There will also be a minor support zone between $91,047 and $93,581, which will help you increase prices in the coming days.
Traders should pay attention to these levels. If Bitcoin holds the above support and is able to break past $94,250 resistance with strong momentum, the next goal could reach $130,000 in the long run. However, drops below support can indicate weakness and increase the risk of deeper corrections.
