Bitcoin (BTC) Price Analysis: BTC Remains Within Corrective Channel, Targeting the 61.8% to 78.6% Fibonacci Levels

Bitcoin is forming a corrective pattern within a double zigzag structure. A central termination point for Macro Wave 3 is indicated, with a potential retracement in Macro Wave 4 targeting the 61.8% to 78.6% Fibonacci levels.

Bitcoin price continues to trade within a corrective channel, forming a structured pattern on a shorter timeframe. Analysts are monitoring key support levels, particularly around the golden Fibonacci zone, as price action respects this formation.

Bitcoin Forms Corrective Pattern, Key Support Ahead

Recent observations by XForceGlobal indicate that Bitcoin is forming a corrective pattern within a double zigzag structure. A central termination point for Macro Wave 3 is signaled, suggesting a potential retracement in Macro Wave 4 targeting the 61.8% to 78.6% Fibonacci levels.

BTC price aligns with a corrective channel. Source: XForceGlobal

The price action aligns with a corrective channel, suggesting consolidation before a continuation in Macro Wave 5 toward higher levels. The golden Fibonacci zone coincides with critical technical levels, indicating a potential area for Bitcoin to find support.

Moreover, the 1:1 ratio of the W:Y corrective wave structure matches within this range, highlighting the significance of this level in the current market structure. Traders are observing these points to gauge potential reversals or further downside movements.

While Bitcoin maintains its presence within the corrective channel, a breakdown below the established red line would signify increasing bearish momentum. If price action breaches this threshold, a shift in market sentiment may occur, leading to further declines in valuation.

Market Insights And Next Steps

At the time of writing, CoinMarketCap data shows that Bitcoin is trading at $100,131.94, indicating a 2.17% decrease over the last day. The market capitalization is $1.98 trillion, with a 24-hour trading volume of $35.31 billion, reflecting a 19.80% decline.

BTC’s market performance over the last 7 days. Source: CoinMarketCap

The ongoing price behavior suggests that Bitcoin’s trajectory will depend on whether support holds within the golden Fibonacci zone. A rebound from this level could indicate a continuation of consolidation or a potential upward move.

On the other hand, a breakdown beyond the red line could introduce additional selling pressure, impacting the broader market dynamics.