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Bitcoin is now at a pivotal turning point, trading into a dense cluster of technical resistance. While momentum has favored bulls recently, confluence with several high time frame metrics suggests this may be the setup for a deeper corrective phase.
Bitcoin (BTC) is currently trading at a significant resistance region, where multiple high time frame technicals converge. These include the previous point of control, the value area low of a prior range, and most notably, the 0.618 Fibonacci level, which aligns with the potential completion of a C-leg in an ABCD correction pattern.
This setup gains further relevance as the price structure forms a classic ABC retracement against the prevailing uptrend, hinting at the potential for a deeper leg lower if resistance holds.
The ABCD corrective pattern, widely recognized in Elliott Wave Theory, is unfolding clearly on Bitcoin’s chart. This structure is characterized by three waves: the A-wave pulls back from local highs, the B-wave continues the trend, and the C-wave retraces again before the D-leg potentially drives a deeper move.
Currently, Bitcoin appears to be completing its C-leg, and the area around $94,000–$95,000 is presenting major technical resistance. This includes confluence from the 0.618 Fibonacci retracement from the all-time high and key high time frame daily support/resistance levels.
The recent rally appears to have been driven primarily by short covering rather than healthy spot accumulation. This lack of organic buying is a concern for bulls, especially when price meets a dense resistance cluster.
Volume remains inconsistent, and the market’s reaction at this level will likely determine Bitcoin’s next major swing direction. If rejection occurs at the current C-leg zone, it may trigger the D-leg pullback and complete the correction.
Momentum traders and structure-based analysts are closely watching the $60,000–$67,000 zone, as it lines up with the projected D-leg of this ABCD pattern. This region also offers a high probability location for a macro higher low, aligning with the broader trend and possibly forming the base for the next impulsive wave.
If current resistance holds and a rejection plays out, Bitcoin is likely to rotate lower toward the $60K–$67K region. This would complete the ABCD correction and establish a key higher low within the broader trend.
However, if price reclaims the $94,000–$95,000 resistance zone with strong volume and follow-through, it could invalidate the bearish setup and open the door for continuation toward all-time highs.
For now, caution is warranted as Bitcoin tests a major technical ceiling.
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