Bitcoin price movements in the last 24 hours have sent the entire crypto market into turmoil into a further state of disorder and liquidations. Bitcoin, in particular, has seen a price drop of around 5% in the last 24 hours Falling below the psychological price of $100,000 threshold again. Although Bitcoin appears to eventually find support around $96,000, the leading cryptocurrency is still down around 10% over the past three days.
Interestingly, a technical analyst on the TradingView platform indicated that the Bitcoin decline is due to a broader trend in investment markets, but also indicates a possible price bottom during the current decline.
Bitcoin price is declining between the support zones of the Fibonacci retracement levels
The current price development of Bitcoin agrees closely with The Fibonacci retracement level Commonly used by traders to determine support and resistance. According to TradingView analysis, Bitcoin price is now within a retracement zone on the 4-hour time frame between the 0.618 and 0.786 retracement levels from its recent all-time high of 108,135, which it reached just three days ago.
In the past, this area acted as a strong support zone where Bitcoin showed a tendency to recover. The analyst emphasizes that Bitcoin’s penchant for rising to the 0.786 level suggests that the cryptocurrency could find a temporary bottom near this area, which is just below the $95,000 price level.
As mentioned, Bitcoin price found support at $96,000, but Fibonacci retracements suggest that the downtrend could continue. The analyst suggested it could sink…
