Bitcoin Holds $112,580 Support as Price Nears 0.618 FibonacciBTCUSDT Perpetual ContractBYBIT:BTCUSDT.PThe_Alchemist_Trader_Bitcoin is testing high-time-frame support at $112,580 while approaching the 0.618 Fibonacci retracement. A bullish wick reaction hints at possible reversal, but market structure shows signs of corrective weakness. Bitcoin’s recent trading activity has brought the market to a critical juncture. Price is consolidating near high-time-frame support around $112,580, with wicks forming a bullish SFP-type pattern. This interaction with the 0.618 Fibonacci retracement level has technical traders watching closely, as it could define the next major move. While the broader market has shifted into corrective territory, buyers are attempting to defend this region to maintain bullish momentum. Key Technical Points: - Support: $112,580 high-time-frame zone aligned with Fibonacci 0.618. - Resistance: $115,000 high-time-frame resistance and key reversal area. - Pattern: ABC corrective structure after negation of impulsive uptrend. The recent retracement has introduced a corrective ABC structure into Bitcoin’s chart, signaling that the impulsive uptrend may have temporarily lost strength. However, the appearance of an SFP-type pattern at the $112,580 support zone suggests that buyers are not yet willing to concede this level. The 0.618 Fibonacci retracement plays a pivotal role in this setup. Historically, Bitcoin often gravitates toward these golden pocket regions before staging stronger reversals. Above this level, the next key resistance lies around $115,000, where internal confluence strengthens the likelihood of a reaction. A push into this zone could magnetize price action before deciding the next directional move. If Bitcoin fails to reclaim $112,000 with a bullish retest, downside risks remain in play, and the corrective structure may deepen. Conversely, a clean reclaim and retest of $112,000 would invalidate the bearish case and open the door for continuation higher. What to Expect in the Coming Price Action: Bitcoin’s immediate future hinges on whether $112,580 can hold as support. If defended, the market may attempt a rotation toward $115,000 resistance. However, failure to maintain this zone risks extending the correction lower.