With the help of the peaks and troughs indicator, the latest update for Bitcoin at prices of 106,700, which we mentioned its selling importance, saw the price drop from it by more than 5,000 points reaching the lower trend area of the blue channel from which the price also rose in a bullish rebound to the current prices.

The current area is critical and very important for Bitcoin; it is an important Fibonacci zone of 0.5 and 0.61 Fib that can rebound downwards. If a downward rebound occurs and the price breaks the 100,000 area, there could be a strong downward waterfall and a collapse in Bitcoin prices. The second scenario is if the upward flight continues and the price breaks the resistance area in yellow, then the price would have taken a distinctive positive turn, and we would ride an upward wave to new peaks towards 115,000.