Bitcoin has corrected by 38.2% (fib level 0.382) from the growth following Trump’s victory

Based on our personal observations, the fib level 0.382 is the most common correction level. However, the price did not reach the support level of $91,000 – $92,000, where the 50-day moving average is also located.

Additionally, the price exited the 3rd child channel, from the consolidation period of February-October this year.

If the price returns above the lower border of the 3rd child channel (~96,200), we can expect a second attempt to reach 110,000. There is still a chance of a decline to the support level of 91,000 – 92,000 and the 50-day moving average. The continuation of the decline can be discussed if the price consolidates below the 50-day moving average and the 91,000 mark, opening the way to a decline to the lower border of the 2nd subsidiary channel (~80,000).

The retracement reflects a natural cooling-off period after an extended rally, signaling the importance of Fibonacci levels in understanding Bitcoin’s price dynamics. Analysts are closely watching the next levels, such as 50% and 61.8%, to assess whether further correction or recovery lies ahead.

Bitcoin’s correction serves as a reminder of the asset’s volatility and its adherence to technical patterns, even amidst broader macroeconomic and political influences.