Bitcoin (BTC) Technical Analysis: Fibonacci Supports, Channel Compression, and Breakout Scenarios

Bitcoin is currently trading around a critical Fibonacci-derived support zone, where price behavior is likely to define the next medium-term trend. The market is showing signs of compression within a descending and narrowing channel, increasing the probability of a directional breakout in the near term.

Key Fibonacci Support: 75,672 USD

According to Fibonacci retracement levels, 75,672 USD has been identified as a major support area.

This level was tested yesterday, confirming its technical relevance.

A retest today remains possible, especially if short-term volatility persists.

If Bitcoin loses this support with a confirmed breakdown, downside continuation could unfold toward the following levels:

74,750 USD – Intermediate structural support

69,667 USD – Major downside target and deeper Fibonacci support zone

A sustained move below these levels would significantly weaken the current structure and increase bearish momentum.

Potential Reaction Zone and Liquidity Sweep Scenario

If Bitcoin manages to hold the 75,679 USD region and attract buying interest, a short-term rebound is likely. However, it is important to note that price may still:

Wick below the level, briefly testing lower sub-support zones to capture liquidity,

Before staging a bullish reaction back into the range.

Such price behavior would be consistent with classic market maker dynamics and does not necessarily invalidate the bullish recovery scenario.

Upside Target: 89,329 USD – Where the Real Test Begins

A confirmed rebound from the 75,672–75,679 USD support zone could trigger a strong impulsive move toward 89,329 USD.
This level represents a critical resistance area, where market structure and trend continuation will be decisively tested.

Acceptance above 89,329 USD would signal renewed bullish strength.

Rejection, on the other hand, could result in extended consolidation or renewed downside pressure.

Channel and Wedge Breakout: Path Toward Higher Levels

Bitcoin is currently trading within a falling and tightening channel (wedge formation).

A clean breakout above this formation, supported by volume expansion, would indicate a structural trend shift.

In such a scenario, the 97,761 USD level becomes the next upside target and a prior high-value resistance zone.

If Bitcoin can establish acceptance above 97,761 USD, the next major resistance zone comes into focus at:

106,273 USD – Upper macro resistance and long-term Fibonacci extension level

Conclusion

Bitcoin is approaching a high-stakes technical inflection point. The 75,672 USD support zone is currently the market’s anchor, and price reactions here should be monitored closely. While downside liquidity sweeps remain possible, a sustained reaction from this region could rapidly shift momentum back toward 89,329 USD and beyond.

As emphasized, channel structure, Fibonacci levels, and reaction strength at key price zones will be decisive. In my view, these levels still offer the potential for a technical rebound—but confirmation is essential.

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