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<p>Bitcoin’s latest rally attempt stalled in alignment with the 78.6% Fibonacci retracement. This key ratio corresponds with the move off the last two cycles.</p> 
<p>According to technical trader <a href="https://twitter.com/ali_charts/status/1749727319906800077?t=qMQUs_rSbmpj2578AjfTWQ&amp;s=19" target="_blank" rel="noreferrer noopener nofollow">Ali</a>, hitting this 78.6% extension level could leave Bitcoin vulnerable to a pullback based on historical precedent. Specifically, Ali cites the last two bull cycles, where Bitcoin typically retraced toward the 50% Fib level after tagging the 78.6% extension.</p> 
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<h2 class="wp-block-heading" id="potential-support-align-with-on-chain-behavior">Potential Support Align With On-Chain Behavior</h2> 
<p>During those past cycles, Bitcoin bottomed around the 50% Fib retracement before eventually breaking out into new bull market runs toward exponential new highs. This time around, the 50% level lands around $32,700 based on measuring from those same June lows.</p> 
<p>Intriguingly, this potential target support zone aligns with key on-chain levels that could exacerbate selling pressure but also represent accumulation opportunities for long-term believers in Bitcoin’s trajectory. Various analysts cite the $30,000–$35,000 area as the battleground where bull and bear scenarios could play out.</p>  
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<p>So in summary, Bitcoin stalling after hitting stiff resistance conforms to the prior market rhythm. However, given uncertain global conditions in 2024, reliably forecasting Bitcoin’s volatile swings proves as challenging as ever.</p> 
<p>Still, judiciously scaling into positions during periods of extreme fear near established areas of potential demand could reward investors fixated on Bitcoin’s enduring long-term appreciation potential if this expected pullback materializes over coming months.</p> 
<p>You may also be interested in:</p> 
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<p>The post <a href="https://captainaltcoin.com/if-this-bitcoin-pattern-holds-btc-is-going-down-to-32k/">If this Bitcoin Pattern Holds, BTC is Going Down to $32k</a> appeared first on <a href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

If this Bitcoin Pattern Holds, BTC is Going Down to $32k

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