The total crypto market cap tapped the 1.23 Fib extension and rejected hard.
But why does this level keep acting like a ceiling?
1: Why the 1.23 Fib Rejected Price
Historically, the 1.23 Fib extension acts as a profit-taking zone in both bullish and bearish expansions.
It’s the point where:
- Late buyers jump in
- Smart money begins to rotate
- Liquidity thins out near resistance clusters
This zone was also a prior monthly close from early 2022 and those long wicks?
That’s institutional selling dressed as volatility.
2 :What's Happening Now
Price is holding above the 0.786 retracement, which is key.
- Losing 2.73T = deeper correction risk
- Holding and building structure = fuel for next wave
EMA support (blue line) is still climbing, market structure remains intact, for now.
3 : Bullish/Bearish Scenarios
Scenario 1: The Bullish Continuation
- Total holds the 2.73T zone
- $BTC stabilizes, alts rotate
- Break + close above 1.0 and 1.13 → next stop: 3.6T to 4T (1.4 Fib)
This path = controlled correction, followed by explosive growth.
Scenario 2: The Delayed Expansion
- Macro triggers volatility (Fed, equities, geopolitics)
- Total breaks below 2.4T
- We revisit the 0.618 zone (~2.2T)
This would flush weak hands and build a springboard for Q3 upside.
4 : Insight
Liquidity providers were stacked at 3.6T and above rejection at 1.23 was engineered to delay retail FOMO.
This gives smart money time to reposition, especially with halving + ETF flows on deck.
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