3 weeks ago
13
Key Takeaways
- BTC lost the ascending channel from $57,800 and trades below the 0.236 Fibonacci level at $63,700, with an intraday low of $62,500.
- US Central Command said forces struck Iran in response to an attack on a container ship, with the status of the Strait of Hormuz disputed.
- WTI crude jumped 3.71% to $74.06 and Brent rose 3.75% to $78.86, while gold slid as much as 1.6% before trading near $4,057.
The Rejection Came Before the News It Was Waiting For
The setup resolved in the direction the failed test implied. Bitcoin never printed a daily close above the 50-day average, and the pullback that followed has now cut through both the lower boundary of the rising channel that carried the recovery from $57,800 and the 0.236 Fibonacci retracement at $63,700 that served as the structure’s horizontal floor. What was support through two weeks of higher lows becomes the overhead problem: $63,700 is first resistance, with the 50-day just above at $64,605 and still falling.
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