- Bitcoin’s $65.5K-$66K support aligns with the 0.382 Fibonacci level, signaling a potential reversal zone.
- If Bitcoin drops below $65.5K, analysts predict the next support at $60K, reinforced by the 0.618 Fibonacci level.
- Analysts expect volatility near $66K, but a rebound could drive Bitcoin toward an all-time high by year-end.
Bitcoin's recent pullback from its October high of $70,292 signals a critical phase as it approaches support levels near $65,500-$66,000. Market analyst CryptoBullet suggests that this zone, marked by the 0.382 Fibonacci retracement level, could serve as a "Reversal Zone."
This level has historically supported bullish rebounds, and many analysts believe Bitcoin might regain upward momentum here. A sustained break above could push Bitcoin back toward its previous high, reinforcing confidence in a green November close.
Downside Risks: $60,000 as Next Major Support Level
If Bitcoin fails to hold at $65,500, analysts predict a further decline toward the $60,000-$61,000 range, aligning with the 0.618 Fibonacci level. This region represents another robust support and could be the foundation for a new rally, potentially targeting an all-time high (ATH).
While the short-term trend indicates volatility, long-term sentiment remains optimistic, with many expecting a steady rise by year-end.
Market Implications and Future Trends
The outcome at these key levels could have broader implications for Bitcoin’s market trajectory. Holding at $65,500 would likely attract renewed investor interest, stabilizing BTC and boosting market sentiment.
A failure to sustain this support could lead to further corrections, yet analysts anticipate a rebound within the $60,000 support zone before any substantial recovery. This chart analysis, shared by CryptoBullet, highlights the significant influence of Fibonacci levels on market behavior and sentiment, suggesting a pivotal moment for Bitcoin’s price path.
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