Is Bitcoin over?
Bitcoin price is experiencing significant downward pressure after falling below the important support level of $100,000. However, based on the current technical analysis, I believe its downside is limited and we can start focusing on potential entry opportunities.
Around US$95,000 is exactly at the Fibonacci retracement level of 0.618 of the previous increase, which has a strong supporting effect. Although the correction is relatively large, it is still within a reasonable range. This area was also an important support and resistance transition area in the previous trend.
Therefore, consider opening a long position near this price. If the price rebounds to around $98,400, you may consider taking profits.