Haciyev Reşit 
Crypto analytics firm Glassnode has published important data regarding the sensitive structure of Bitcoin’s price. According to the company’s assessment, Bitcoin has been trapped between critical support and resistance levels in recent weeks, providing clues about how selling pressure may evolve in the future. The uncertainty in the market directly affects investors’ decision-making processes.
Bitcoin Below the 0.75 Fibonacci Level: What Does This Mean?
On-chain analytics platform Glassnode reported that since mid-November, Bitcoin has been trading below the 0.75 Fibonacci retracement level. Movement below this level indicates that more than twenty-five percent of the total supply is currently in loss. According to analysts, this situation points to the formation of a fragile equilibrium in the market and reveals that price movements have become more sensitive. This increases the possibility of sharper price reactions, especially during periods of uncertainty.
This fragility puts pressure on both short-term investors and long-term investors who are holding high-cost positions. While short-term investors remain more cautious amid volatility, those who bought at higher prices may act more quickly in a potential downside scenario to limit their losses. In the current environment, with Bitcoin trading around ninety-two thousand dollars, it is noted that the price has become more sensitive to macroeconomic developments.
Two Possible Scenarios: Capitulation or Bottom Formation?
According to analysts, the current market structure is open to two different scenarios. In the first scenario, a capitulation phase may occur due to the triggering of stop-loss orders of investors who bought at higher prices. In this case, short-term sharp pullbacks in Bitcoin price may be observed.
In the second scenario, a structure may emerge where selling pressure has been exhausted and a temporary bottom begins to form. In such a case, the current price zone will be considered a critical stress point, preparing the ground for a potential recovery.
Critical Resistances: $95,800 and $106,200
According to Glassnode’s analysis, for the Bitcoin market to gain a more stable outlook, the 0.75 Fibonacci level at ninety-five thousand eight hundred dollars must first be reclaimed. Sustained price action above this level is seen as an important signal for the reduction of selling pressure. Following this, analysts state that the stronger resistance level, the 0.85 Fibonacci level at one hundred six thousand two hundred dollars, must be surpassed. They emphasize that reclaiming this level will be decisive not only for price stability but also for strengthening investor sentiment.
A statement from Glassnode analysts reads:
“For Bitcoin to enter a sustainable uptrend, reclaiming certain Fibonacci levels is critically important. As long as prices remain below these levels, the market will remain volatile and under pressure.”
Assessment
Bitcoin is exhibiting price movement compressed between important technical levels. This narrow range creates a market structure where both buyers and sellers remain indecisive. For selling pressure to decline and the market to stabilize, the identified critical resistance levels must be broken. Sustained movement above these levels will not only clarify price direction but also help restore investor confidence. Although short-term uncertainty persists, these technical zones stand out as key indicators that will shape Bitcoin’s medium-term trend and potential recovery process.
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