Bitcoin is currently trading near a critical resistance zone around $ 94,250, a level known as the gold ratio in Fibonacci analysis. This level is considered very important In both technical trading and natural patterns, and often mark strong points in the process. Bitcoin's reach at this level suggests a recent rally may slow down, and entrepreneurs are watching closely to see what will happen next.
To date, Bitcoin has shown signs of a possible five waves transition from low April. If this pattern is completed, it will be a clear sign of bullish strength and can open the door for further gains. However, if the move turns out to be just a structure of three waves, this may mean that the market is in a wider bear trend, and the recent increase is just a temporary recovery.
The main support for the current trend is between $ 84,526 and $ 88,494. As long as the price stays above this zone, the outlook remains positive in the short term. There is also a minor zone support between $ 91,047 and $ 93,581 that will help hold the price in the coming days.
Entrepreneurs should guard these levels. If bitcoin can hold above the support and break the $ 94,250 resistance with a strong momentum, the next target can be as high as $ 130,000 in longer periods. However, a drop below the support can signal weakness and increase the risk of a deeper correction.
