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 area of 0.5 and 0.61 where a downward rebound can occur. If the downward rebound takes place and the price breaks the 100,000 area, a strong downward avalanche and a collapse in Bitcoin prices may happen. The second scenario is if the upward rally continues and the price breaks the resistance area marked in yellow, the price would have taken a distinctive positive turn, and we would then ride a rising wave towards new peaks around 115,000.