🔥 Bitcoin Failed To Break $50k, Another Shot Soon?

For the second time, Bitcoin has failed to confidently break the 50k - 50.5k area. However, with the total market cap making new highs as we speak, I'm expecting this bearish reversal to be of a short duration.

Using the Fibonacci retracement tool, I've indicated an area of reversal where I expect Bitcoin to reverse the current bearish move and go back to 50k, ideally breaking it in the next 24 hours.

A more bearish scenario would be for the price to fall further and reach the 46.8k - 46.5k area of support. I'm not expecting Bitcoin to get below this support just yet.

For the bullish case, the main target for the move would be 52K, potentially higher if we get a lot of momentum.

Happy trading!