$BTC Bitcoin Price Prediction: BTC Stops at the 50% Fibonacci Midpoint as Long Positions Dwindle
We are on Thursday, November 4, and the narrow intraday range reflects how the early December recovery stopped at the key Fibonacci midpoint of the most recent daily bearish oscillation. On the daily chart, the control movement extends from $107,500 to a low of $80,500, where the 50% Fibonacci retracement is at $94,000. The midpoint has now capped the rise for two sessions and explains the tight behavior observed so far today.
Bitcoin spent the last week of November breaking through what is technically referred to as a bullish retracement within a broader bearish range. This retracement reached the 50% Fibonacci level yesterday, marking a recovery of 16.7% from the November low. Yesterday was also marked by a second consecutive bullish daily close that allowed Bitcoin to surpass the $94,000 threshold and move into positive territory since the beginning of the week and the start of the month. The movement has pushed the price clearly above the 20-day EMA at $92,300, reinforcing the improving trend structure.
Trend conditions have further strengthened on the four-hour chart, where the 20 EMA has crossed above the 100 EMA at $91,000 for the first time since October. This crossover is an initial sign that the trend may begin to evolve into a sustainable bullish phase. This improvement has been reflected in sentiment indicators. The daily RSI index has moved from bearish territory to a neutral zone. Furthermore, the global Bitcoin fear and greed index has also significantly improved, with negative sentiment rising from an extreme fear level of 11 last week to 28 today.
