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

According to Cointelegraph, crypto analyst "Daan Crypto Trades" pointed out that Bitcoin is currently hovering around a key technical price level, which serves as the 0.382 Fibonacci retracement zone, a critical support and resistance level in the market cycle that must be effectively supported to avoid significant losses. If it breaks below this level, the price of Bitcoin may drop to the April low of around $76,000, and testing this low would break the existing market structure in the long-term timeframe.

On Sunday evening, the Bitcoin market experienced a sharp liquidation of short-term leverage, with both long and short leverage positions being liquidated. The price briefly dipped below $88,000 before quickly rebounding above $91,500, which is undoubtedly an example of a low liquidity weekend market being manipulated to simultaneously clear long and short leverage positions.