The volatile world of cryptocurrency, Bitcoin ($BTC) is no stranger to heart-stopping dips that test the resolve of even the most steadfast HODLers. The world’s premier digital asset has shed over 5% in the past week, trading around $88,850 after a brutal rejection from the $95,000 resistance.
This pullback isn’t just noise; it’s a symphony of technical signals screaming for attention, as highlighted in a recent analysis by crypto market researcher More Crypto Online (@Morecryptoonl) on X.
Elliott Wave and Fibonacci Retracement Insights
Delving into the linear long-term chart, the post pinpoints $84,000 as the next critical support—a level eerily aligned with the 85,000–86,000 zone flagged in prior updates. This isn’t arbitrary; it’s rooted in Elliott Wave theory, where Bitcoin’s grand supercycle appears to be carving out its fifth and final impulsive wave.
The linear scale, often overlooked in favor of logarithmic views during bull euphoria, unflinchingly reveals the raw momentum. Here, a horizontal green line at $84K acts as a psychological and structural bulwark, backed by confluence from prior swing lows and volume clusters.
Trading Strategies and Investor Guidance
For traders, this is prime chop territory: short the channel top with stops above $95K, or long the support with targets at $92K for a quick flip. Investors? View it as a discounted entry in Bitcoin’s inexorable march toward institutional adoption. History rhymes—recall the 2021 top’s false breakdowns before the halving-fueled ascent.
More Crypto Online notes, the linear truth doesn’t lie: $84K is the line in the sand. Will it hold for one last euphoric push, or prelude a multi-month reset? The charts whisper possibility, but conviction comes from your risk tolerance. In crypto, fortune favors the prepared.