Analyst: Bitcoin bulls must hold the key Fibonacci support to avoid a drop to $76,000

According to ChainCatcher, citing Cointelegraph, crypto analyst "Daan Crypto Trades" pointed out that Bitcoin is currently hovering near a key technical price level, which serves as the 0.382 Fibonacci retracement zone. This level is a crucial support and resistance area during market cycles and must be effectively held to avoid significant losses. If breached, Bitcoin's price could drop to the April low of around $76,000. Testing this low would break the existing market structure on a long-term timeframe.

On Sunday night, the Bitcoin market experienced another round of intense short-term leveraged liquidations, with both long and short leveraged positions being wiped out. The price briefly fell below $88,000 before quickly rebounding above $91,500. This is undoubtedly an example of a low-liquidity weekend market being manipulated to simultaneously clear both long and short leveraged positions.