A challenging level to overcome in the coming months
The price of BTC has reached a key 61% Fibonacci retracement level of the entire drop (photo 1). This is a resistance that won't be easily surpassed, so patience is needed as it may take months before breaking through. In photo two, we can see that it doesn't even close above it on the 1-hour chart.
Therefore, a possible drop is likely, at least down to 38k, and then, after a few months following the halving, we may begin to challenge the 61% Fibonacci level again before seeking new all-time highs.
Therefore, a possible drop is likely, at least down to 38k, and then, after a few months following the halving, we may begin to challenge the 61% Fibonacci level again before seeking new all-time highs.