BTC Bulls Facing Crucial Support Area
Bitcoin is currently trading around 0.618 FIB Retracement from 32950$ lows from January 2022 to 48200$ highs from March 2022. The retracement area between 0.618 and 0.786 FIB in confluence with Trendline is crucial for Bitcoin bulls. Bounce from this area could indicate higher prices into 50000$ to 53000$ area, while failure to bounce from this area will probably lead to deeper downside movements below Trendline and could indicate breaking of the Higher Highs and Higher Lows structure of the market and retest of the 26000$ price level.
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