#Bitcoin #Crypto #BTC #Trading #FibonacciAnalysis
Bitcoin is approaching a major resistance level near $94,250, often called the golden ratio in Fibonacci analysis. This area is crucial in both technical setups and natural market behavior, often acting as a pivot point for significant price moves. Bitcoin's arrival at this level hints that the strong rally could be losing momentum, and traders are paying close attention to what unfolds next.
From the April lows, Bitcoin appears to be forming a possible five-wave advance. If this formation holds, it would confirm bullish momentum and may pave the way for new highs. Conversely, if the structure reveals only a three-wave recovery, it could indicate that Bitcoin remains in a larger bearish cycle, and that the latest rally was just a counter-trend bounce.
Key support lies between $84,526 and $88,494 — staying above this range keeps the short-term outlook favorable. There's also a minor cushion between $91,047 and $93,581 that could help stabilize any pullbacks in the near term.
Traders should stay vigilant. A decisive break above $94,250 with strong volume could open the path toward $130,000 over the long run. On the flip side, losing key support might expose Bitcoin to a deeper downside risk.