Bitcoin has just reached its strongest long-term support ever, here the first pullback can happen.
The relevant support level lies perfectly between the peak from November and April 2021. It occurs above the weekly EMA233 and also the 0.786 Fibonacci retracement level. For the last major bullish wave of Bitcoin - from August 2024 to October 2025.
I mentioned this level yesterday at $65,000 but it is actually a range. 65K is only 0.786 Fib. The range is between $64,850 (could start at $63,200 if we calculate EMA233) to $69,000.
So far, Bitcoin has produced a low of $66,666, in between these two levels and below $70,000. A significant downward development.
The total extent of the collapse so far is -47.13%. The duration is 119 days. In 2018, Bitcoin produced a major low on February 5. Here, anything is possible.
If the current support range is broken, a new support range becomes active between $50,000 and $60,000 in the short term. With $57,777 being a key level as shown here.
The lowest point in the bear market could be around $40,000. We still expect some kind of relief or pause before reaching this level. We still have until mid-February for the volatile process on Bitcoin and major projects. Many small projects do not replicate what Bitcoin and Ether are doing. Those can be purchased.
Namaste.
✅ Trade here on $BTC