In 2024, the price of Bitcoin corrected to around $48,000 before resuming its rally and later tested support near $76,000.
Structured Bitcoin Retracements
According to data, Fibonacci 38.2% levels continue to shape the market structure. Corrections attract the attention of traders, with $102,000 seen as the next significant support level. At press time, Bitcoin was priced near $111,054, trading below its all-time high of $124,457.
On-chain Metrics Confirm Activity
Network statistics indicate strong activity, with nearly $7.9 billion locked in Bitcoin-based decentralized finance protocols. More than 811,000 active addresses were recorded within a 24-hour period, signaling widespread user engagement. Analysts noted network resilience through market cycles.
Analysts Prepare for Next Test
Analysts point out that the next test for Bitcoin remains the 38.2% Fibonacci retracement near $102,000. This zone is considered critical as it matches historical support levels and conforms to the current cycle's structure. Trading volumes during past retracements provided further confirmation.
The current market situation for Bitcoin suggests the potential for continued growth, provided that the price remains above support levels. Stability at $102,000 could serve as a platform for a new upward movement.
