Bitcoin’s Price Action: Testing Key Fibonacci Resistance at $94,000–$95,000

Bitcoin is at a critical resistance zone, with key technical indicators suggesting a possible corrective phase. The current price structure resembles an ABCD corrective pattern, completing the C-leg near $94,000–$95,000. The rally appears driven by short covering, lacking genuine market support, which raises the risk of rejection and a subsequent pullback. Upcoming price action will depend on whether Bitcoin can break through this resistance with strong volume or if it rotates lower towards $60,000–$67,000.

Bitcoin is experiencing a crucial moment, currently facing a substantial technical resistance cluster. Although momentum has recently benefited bulls, several significant high time frame indicators suggest that the cryptocurrency might enter a corrective phase. This pivotal point includes essential technical levels such as the previous point of control and the 0.618 Fibonacci level, which aligns with a potential C-leg completion in an ABCD correction pattern.

The market structure indicates an ABC retracement against the prevailing uptrend, indicating that if resistance persists, Bitcoin may experience a more profound downturn. Presently, Bitcoin is testing resistance around the 0.618 Fibonacci extension, coinciding with critical high time frame indicators. The chart depicts a classic ABCD corrective pattern, characterised by three waves: the A-wave pulls back, the B-wave continues the trend, and a retracement during the C-wave could lead to a deeper D-leg.

Bitcoin is seemingly completing its C-leg near the $94,000–$95,000 price range, which serves as significant technical resistance. The confluence from the 0.618 Fibonacci retracement line and key daily resistance levels heightens the importance of this region. Recent price movements have been primarily driven by short covering, lacking genuine buying support, which raises concerns among bulls as the price interacts with a dense resistance cluster.

Volume remains inconsistent, and how the market reacts at this level will likely dictate Bitcoin’s next substantial swing direction. Should resistance be met with rejection, this could usher in a D-leg pullback and formalise the correction. Analysts are closely monitoring the $60,000–$67,000 region, as it aligns with the projected D-leg of the ABCD pattern and could offer a potential site for a macro higher low, thereby forming a base for the next upward wave.

Expectations for Bitcoin’s future price action hinge on whether current resistance holds. A rejection could lead Bitcoin lower towards the $60K–$67K area, completing the ABCD correction and establishing a vital higher low. Conversely, if Bitcoin reclaims the $94,000–$95,000 resistance zone with substantial volume, this would negate the bearish setup, potentially inviting a continuation towards new all-time highs. Caution is advisable as Bitcoin encounters a significant technical ceiling.