Bitcoin back on the rise? Analysis of two scenarios from the Fibonacci level

Current Bitcoin price is $70.45K with a 24-hour decrease of -0.65%. Technical analysis indicates a critical moment for this asset, where the market faces a crossroads – Bitcoin could either rebound or move lower. Our Fibonacci-based calculations show two clearly defined paths that BTC may follow in the coming days.

Current BTC Situation – Where We Are Now

Bitcoin has fallen just 6% from the 61% Fibonacci level, representing a relatively mild correction. This position is strategically important because it determines the direction of the next price movement. The market is now waiting for a precise signal – will it be a continuation of the upward trend or an acceleration of the decline? The answer depends on whether Bitcoin can hold support at key levels.

Bullish Scenario – Path Back to $84,000

The first scenario assumes a rebound from current levels. In this case, BTC could return to the $84,000 zone and then break through to the 50% Fibonacci level at $89,000. If this support proves resilient, we can expect further push toward $93,000, continuing the previous upward trend.

Bearish Scenario – Support Threat at $74,816

The second scenario is more pessimistic. If Bitcoin loses the important support at $74,816, there will be no obstacles for a larger decline. In this case, the market could move down toward the lower range between $50,000 and $53,909. This would be a much deeper correction, pushing Bitcoin far below current levels.

What Will Happen First?

Current data suggest that both scenarios are entirely possible. The key will be monitoring the support zone – whether Bitcoin can hold and bounce back up or break down. Traders should carefully watch these technical levels to spot the first signals that will determine the future direction of this asset’s price.