Given the recent completion of the Bitcoin halving, which traditionally reduces the supply increase rate by halving the block rewards, we’ve observed a not unexpected moderate price rally. Historically, halving events have been bullish catalysts for Bitcoin as the reduced supply rate often leads to upward price pressures, assuming demand remains constant or increases.

Bitcoin Experienced A Moderate Correction this Month

Currently, Bitcoin is undergoing a correction phase, having pulled back nearly 20% from its recent all-time high of approximately $73,800. Despite this retracement, key technical indicators suggest underlying strength in the market. The MACD histogram displays an ascending trend, and a bullish crossover on the MACD lines, coupled with a reentry into neutral territory on the RSI, underscores potential for continued bullish momentum.

From a support perspective, Bitcoin holds above significant levels: the golden ratio near $36,000 and the 50-month EMA around $31,675 provide robust long-term support.

Is Bitcoin Set To Rebound From The Fibonacci Support?

More immediately, Bitcoin is testing the 0.382 Fibonacci support at $60,322, where a potential bounce could occur. Failure to hold this level might expose the next significant Fib support around $51,000.

Is Bitcoin Poised To Surpass The 50-day EMA Resistance?

In terms of resistance, Bitcoin faces immediate hurdles at the 50-day EMA ($64,508) and Fibonacci levels at $65,129 and $68,950. A decisive break above these resistances, particularly the $68,950 Fibonacci level, would invalidate the current correction, potentially setting the stage for a new all-time high.

The 4-Hour Chart Indicates A Short-Term Confirmation Of A Bearish Trend