Bitcoin Price Reclaims Key Support, Eyes Breakout
- Bitcoin price found the 0.618 Fibonacci retracement level, technically holding the bull market structure after the correction.
- Key support was defended as buyers stepped in, while liquidation activity remained weak in Bitcoin perpetual futures markets.
- Resistance near $65,800 remains the immediate barrier as traders await confirmation of renewed upward momentum.
Bitcoin price ticked higher following a critical Fibonacci support level recovery, as stable derivatives positioning and solid intraday trading activities maintained focus on the possibility of further recovery.
Bitcoin Holds Critical Fibonacci Support
Market analyst CW shared the latest TradingView analysis through a post on X. The chart focused on Bitcoin reclaiming the important 0.618 Fibonacci retracement. Price recovered before reaching the projected downside target marked TP1.
The previous rally carried Bitcoin toward the $66,800-$67,000 region. Selling pressure later produced a controlled corrective phase. Lower highs developed beneath a descending resistance trendline.
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