$BTC Faces Golden Fibonacci Hurdle at $122K.
Bitcoin: Golden Ratio Eyed
As bitcoin (BTC) continues to trade flat in the $116,000-$120,000 range, the monthly chart shows $122,056 as key resistance that needs to be breached to confirm continuation of the bull run.
That level represents the 1.618% Fibonacci extension, originating from the December 2018 lows, the December 2022 lows, and the 2021 high. The 1.618% extension is highly important because it's derived from the "Golden Ratio," a revered mathematical constant in finance. The level is widely found in nature and art, which is why many believe it also influences human psychology and market movements.
Resistance: $120,000, $122,056, $123,181
Support: $116,000, $114,700, $111,965.
