- Bitcoin’s $88,000 support zone is critical, supported by Fibonacci levels and Elliott Wave analysis.
- The CME gap at $78,000 signals potential downside pressure, intensifying short-term bearish sentiment.
- Analysts project Bitcoin’s macrocycle could reach another high before the current bullish cycle ends.
Bitcoin’s macro price movements are unfolding as projected in recent market updates. After a significant surge above the $100,000 mark, the market is experiencing the anticipated correction. This pullback aligns with prior analysis and has brought attention to critical support and resistance levels, particularly at $88,000. Traders and analysts are closely observing these levels for signs of further developments.
$88,000: A Crucial BTC Support Zone
HovWave analysis chart displays Bitcoin’s price movement within an ascending channel, showing consistently higher highs and higher lows. Key Fibonacci levels, including 0.618 and 1.618, outline potential retracement and extension zones for price action.
Divergences in both bullish and bearish RSI correlate with trend reversals during the timeframe. An Elliott Wave count suggests the price is in an impulsive wave, targeting higher levels. Support zones are around $42,000 and $55,000, while resistance levels range between $75,000 and $100,000.
The $88,000 level has become a focal point in Bitcoin’s macrostructure. Multiple technical indicators, including the base channel support, the one-to-one ratio of wave A, the -0.236 Fibonacci level, the corrective channel, and the immediate 0.382 retracement level, converge at this price point.
CME Gap $78,000 Below and Macro Perspective
On a micro level, Bitcoin’s recent moves point to the potential for a swift fifth wave. Market participants are watching closely as bearish sentiment builds around a potential CME gap below $78,000. This gap has added to speculation that the current correction could lead to further downside pressure in the short term.
Despite the ongoing sell-off, projections indicate that Bitcoin’s macrocycle may not have reached its peak. Analysts maintain that the cryptocurrency is likely to achieve at least one more macro high before the current bullish cycle concludes. This perspective aligns with the broader trend of Bitcoin’s historical price movements, where corrections often precede final surges during significant market cycles.
