The
BTCUSD 
BTCUSDT chart is approaching a pivotal moment with the monthly candle nearing its close. If the price closes below the critical $89,000 level—the previous low that led to the all-time high (ATH)—it could trigger a drop toward the next major support at $69,000. This level holds significant importance, not only for its historical role as a key pivot but also as an optimal entry point for long-term positions.Historically, Bitcoin has shown a tendency to retrace back to the trendline, and the current structure suggests this pattern may repeat. A bounce from the $69,000 zone could present an attractive long-term buying opportunity. Traders may look for either an immediate reaction at this level or wait for confirmation by breaking the next swing high after the rebound.
Despite the short-term risks, the monthly EMA ribbon remains bullish, with the price holding above it, reinforcing the long-term uptrend. If the bullish scenario plays out, the next significant target is projected at $128,000, derived from the Fibonacci extension of the previous bullish cycle. This level aligns with the long-term upward trajectory and could be the next destination if Bitcoin regains momentum.
👨🏻💻💭 What’s your game plan? Will BTC hold above $89,000 and target $128,000, or are we heading for a retest of $69,000 before the next leg up? Share your thoughts below and let’s discuss!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.