Bitcoins Bext Big Price Move
Bitcoin’s price action is currently forming a symmetrical triangle pattern, with the key points marked as A ($103,900), B ($92,400), C ($101,400), and D ($94,600), indicating a period of consolidation as buyers and sellers struggle for control. Notably, the price recently bounced off the 0.786 Fibonacci retracement level at 94k, a critical support zone that aligns with the lower boundary of the triangle. Below this, the 0.618 Fibonacci level at 86.6k serves as the next significant support, while a break of this level could open the door to deeper downside risks. On the upside, a breakout above the triangle’s upper trendline, currently near 100k, could propel Bitcoin toward its next major target at 130k, aligning with the 1.618 Fibonacci extension level. The tightening price range within the triangle and declining volume suggest a major breakout is imminent, with traders closely watching for a decisive move in either direction. Given Bitcoin's historical behavior, the breakout direction could set the tone for its trend over the coming weeks. Microsoft is voting on purchasing bitcoin tomorrow, and the results from this and Amazon's vote later on could effect the direction of this breakout.
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