In 2024, Bitcoin (BTC) price corrected near $48,000 before resuming its rally, and later tested support around $76,000.
Both retracements aligned with the 38.2% ratio and attracted renewed buying activity. According to analysts, the latest cycle showed a similar pattern, with $102,000 emerging as the next comparable support level.
At press time, Bitcoin price was near $111,054, trading below its all-time high of $124,457. It displayed 0.14% daily gains in a day, but its monthly gains were 4.8% lower.
As per analysis, Fibonacci retracements continued to shape market structure, with support near $102,000 viewed as a decisive level for BTC.
Bitcoin Price Shows Structured Retracements
Fibonacci ratios are mathematical levels used in technical analysis to gauge potential retracement zones.
Traders apply them to identify points where markets may pause or reverse after rallies. The 38.2% level has often been significant in Bitcoin’s history, acting as a recurring bounce zone.
Market data showed that retracements remained structured, and analysts continued to use Fibonacci levels as a guide for potential rebounds.
Trading volumes during prior corrections stayed steady, suggesting broad participation despite temporary declines.
On-chain Metrics Underline Participation
On-chain statistics indicated that network activity remained strong. Data from DeFiLlama showed around $7.9 Billion locked in Bitcoin-based decentralized finance protocols.
Analysts said this reflected ongoing user engagement, even as the market consolidated. More than 811,000 active addresses were recorded within a 24-hour window, signaling widespread use of the network.
Analysts noted that consistent address activity underscored Bitcoin’s resilience through market cycles.
Market capitalization was near $2.2 Trillion at press time, supported by continued liquidity across major exchanges.
BitBull said that retesting support levels was a typical feature of a bull market. According to the firm, BTC retested support in April before reaching a fresh peak.
Analysts said the current retracement was similar, with the 38.2% Fibonacci zone acting as a potential platform for renewed upside.
The broader structure remained an ascending channel. Analysts said resistance levels stood near $128,000 to $135,000, while the $102,000 area was considered the lower bound to watch.
Maintaining support above that level would confirm the continuation of the upward channel.
Analysts Prepare for Next Test
Market participants said the next test for BTC remained the 38.2% Fibonacci retracement near $102,000.
This zone was considered critical because it matched historical support levels and conformed to the current cycle’s structure.
Analysts said a rebound from that level would indicate that the trend remained intact. Trading volumes during past retracements provided further confirmation.
Analysts noted that consistent volume reflected sustained participation even as the Bitcoin price pulled back.
They argued that such behavior differentiated structured corrections from breakdowns. The all-time high near $124,457 also provided context for resistance zones.
Analysts said levels between $128,000 and $135,000 represented possible targets if BTC maintained stability above $102,000.
They added that technical conditions and on-chain engagement continued to reinforce the broader bullish framework.
Looking ahead, analysts said the market’s focus remained on whether Bitcoin would continue to respect Fibonacci retracement levels.
They noted that both DeFi participation and address activity showed no decline, supporting the case for ongoing resilience.
As long as the Bitcoin price held above the retracement zone near $102,000, the technical setup suggested a potential rebound remained possible within the channel.