Bitcoin (BTC) is making headlines as it nears the pivotal 161.8% Fibonacci extension level at $122,056. This key technical benchmark, known as the “Golden Ratio,” could determine the next major move for BTC. Will Bitcoin break through or face rejection? Here’s what traders need to know.
Bitcoin Nears the Golden Fibonacci Level
BTC is currently trading between $116,000 and $120,000, inching closer to the 161.8% Fibonacci extension at $122,056. This level is derived from historical price movements, including the 2018 and 2022 lows and the 2021 high. A breakout above this level could signal strong bullish momentum, potentially pushing BTC toward $187,929. However, a rejection here might indicate a market peak.
XRP Holds Key Support at $2.995
XRP has found support at the 38.2% Fibonacci retracement level of $2.995 after a recent pullback. The hourly chart shows a potential double-bottom formation, with a neckline at $3.33. A break above this level could retest $3.65, but bearish indicators like a negative MACD suggest caution. Traders should watch for a breakdown below $2.995, which could trigger further declines.
ETH Shows Signs of Weakness
Ether (ETH) is displaying bearish signals as the daily MACD histogram turns negative. The convergence of key moving averages suggests fading upward momentum. A break below $3,510 could confirm a short-term downtrend, targeting $3,000. Conversely, a breakout above $4,000–$4,100 might spark a FOMO rally.
SOL Tests Bullish Trendline
Solana (SOL) is at risk of breaking its bullish trendline from June 22. A drop below this line could test support at $160–$162. For a bullish reversal, SOL needs to close above $195.
FAQs
1. What is the significance of the 161.8% Fibonacci level for Bitcoin?
The 161.8% Fibonacci level, or “Golden Ratio,” is a critical technical benchmark. A breakout above it often signals strong bullish momentum, while rejection can indicate a market peak.
2. What are the key support levels for XRP?
XRP’s immediate support is at $2.995. A break below this could lead to further declines, while holding above it may signal a rebound.
3. Why is ETH showing bearish signals?
ETH’s daily MACD has turned negative, and moving averages are flattening, suggesting weakening upward momentum.
4. What could trigger a bullish reversal for SOL?
SOL needs to close above $195 to confirm a bullish reversal and regain its upward trend.
