Bitcoin Analysis: Key Level to Watch

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Price sold off aggressively, and now it sits within a key reaction area.
We can see price just tapped into the 0.5 and 0.618 Fibonacci retracement level of the last leg up. This is the golden pocket, a place where markets tend to react often.

Now look closely: price is showing early signs of rejection here, with wicks forming and momentum slowing down. If buyers step in here, and hold this zone that is our signals, targeting around the previous high.

But if price breaks clean below it, that invalidates the bullish idea and we could see some more continuation lower.

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The break below the level shows sellers are still in control, meaning my bullish bias was early.