Bitcoin Price Analysis: Fibonacci might have thrown a spanner in the works

• Bitcoin is having another bearish session on Wednesday but is near a support.
• Even though it is near support levels the price is below the key 61.8% Fibonacci level.

BTC/USD daily chart

A few financial commentators are shouting about the support zone in BTC/USD in the chart below marked by the black rectangle. There are multiple rejections at this level in the past and the level seems to be well respected. Now the market needs to see if the level is important enough to reject to the downside and the bulls may come in to push the price higher.

The only thing I would consider at this stage is that the current price is under the 61.8% Fibonacci retracement level. This is one of the most important levels in Fibonacci theory. The market is also clearly still in a downtrend as the price is still making lower highs and lower lows. Lastly, the 8K psychological level could act as a resistance zone if the price tries to move higher from here.

Additional levels