Technical View on Bitcoin: Bitcoin Holds Steady Below Major Fibonacci Levels as the Bearish Structure Continues

Bitcoin remains in a corrective phase, trading below several key Fibonacci correction levels after a strong rejection from the supply zone $120K 116K dollars–(. Failure to maintain a level above the )0.618 Fibonacci$109K level showed a clear shift from bullish continuation to distribution and collapse.

Since then, the price has moved sharply downward and is now consolidating below the 0.236 Fibonacci level, indicating continued bearish control despite a slowdown in selling momentum.

Moving Average Structure (Bearish Confluence)

20 EMA – $88,466

50 EMA – $92,284

100 EMA – $97,899

200 EMA – $101,136

Bitcoin is trading below all major moving averages, with the 20 and 50 acting as immediate dynamic resistance. The 100 and 200 averages above the price reinforce a strong resistance zone, limiting upward attempts.

Fibonacci and Market Structure

0.786 Fibonacci: $116,400 (Main Rejection Zone)

0.618 Fibonacci: $109,426 (Major Breakdown Level)

0.5 Fibonacci: $103,405

0.382 Fibonacci: $98,013

0.236 Fibonacci: $91,410

Fibonacci 0: $80,686 (Major Macro Support)

Bitcoin failed to hold above $91K–(the 0.236 Fibonacci zone) and is currently range-bound between $87K and $90K, indicating short-term consolidation after capitulation-like selling.

RSI Momentum

RSI is around 44, indicating weak momentum but also showing signs of stabilization. This supports a scenario of consolidation or short-term rebound rather than immediate continuation of the decline.

📊 Key Levels

Resistance

$92K–$93K (50 EMA + 0.236 Fibonacci)

$93K (0.382 Fibonacci)

$101K–$98K (200 EMA + 0.5 Fibonacci)

$103K (0.618 Fibonacci)

Support

$87K–$109K (Local Base)

$80.6K $85K Fibonacci 0 / Major Macro Demand(

Below that )opens the door for further deep declines

RSI

44 — Weak momentum, stabilizing

Summary

Bitcoin remains in a bearish corrective structure, trading below all major moving averages and key Fibonacci resistance levels. Despite slowing selling momentum and consolidation formation, the trend will remain bearish unless Bitcoin recovers the $98K level–(with strong trading volume. A breakdown below that )would expose Bitcoin to macro support zones.