A technical look at Bitcoin: Bitcoin is holding above the major support after the capitulation phase

Bitcoin ended a sharp impulsive decline, breaking the ascending structure and losing support at #BuyTheDipOrWaitNow? 0.382 Fibonacci ( and )0.236 Fibonacci ( levels sequentially. The selling extended to the overall correction base near )$59,980(, where the price recorded a strong low reaction.
Since reaching the overall base, Bitcoin has entered a narrow consolidation range between )$63,000–$69,000(, indicating short-term stability. However, the broader trend structure remains bearish unless key resistance levels are reclaimed.
Moving averages structure )aligned bearish(
20 MA: $68,709
50 MA: $75,399
100 MA: $83,071
200 MA: $90,821
The price remains below all major moving averages, with a clear bearish stacking )20 < 50 < 100 < 200$75K .
The zone between ($60K) now acts as an immediate dynamic resistance.
Unless Bitcoin reclaims the 50 moving average strongly, upward movements are likely corrective.
Fibonacci correction and market structure
Fibonacci 1.0 $68K$cycle peak(: $126,123
Fibonacci 0.786: $111,968
Fibonacci 0.618: $100,856
Fibonacci 0.5: $93,051
Fibonacci 0.382: $85,246
Fibonacci 0.236: $75,589
Fibonacci 0: $59,980
A break below $75,589 confirms the continuation of the correction cycle.
The last line of defense at )$59,980( represents the first meaningful demand response since the acceleration of the trend.
Holding above )keeps the possibility of forming a base alive.
A confirmed daily close below $59,980 will reopen the risk of a breakdown toward deeper historical consolidation areas.
RSI indicator and momentum
The RSI (14) is currently near 41, recovering from the oversold area previously.
Momentum has slightly improved but remains below the midline 50, indicating that bullish strength is not yet dominant.
A sustained RSI breakout above 50 will be the first sign of structural improvement.
Key levels 📊
Resistance
$68,700 (20 MA)
$75,400 (Fibonacci 0.236 + 50 MA)
$85,200 $60K Fibonacci 0.382$85K
Support
$63,000–$60,000 $60K Base range / overall support
Below $59,980: risk of structural breakdown
RSI indicator: 41 — neutral, recovering
Summary 📌
Bitcoin is stabilizing after a very rapid sell-off toward the overall base. While short-term consolidation indicates selling pressure is easing, broader trends remain bearish below all major moving averages.
Only a sustainable reclaim of the $BTC SINGLEHASHTAGTOPICPLACEHOLDER$ level will begin to neutralize bearish momentum. Until then, upward moves are likely corrective, with ongoing monitoring of key support levels.