Bitcoin:Can Support at Point of Control Fuel a Move to New High?Bitcoin / TetherUSBINANCE:BTCUSDTThe_Alchemist_Trader_Bitcoin is currently consolidating at its local point of control, facing immediate resistance from a Fibonacci-aligned value area low. A critical reversal from here could pave the way to new all-time highs. Bitcoin has entered a pivotal phase, trading at a key technical region that could determine its short-term direction. Over the past week, price action has hovered around the local point of control, showing signs of absorption and consolidation. With immediate resistance looming at a major confluence level, the next few daily candles may set the stage for either a breakout or a deeper retracement. Key Technical Points: - Local Point of Control: Bitcoin is ranging around this level, showing indecision - Value Area Low + 0.618 Fib: Immediate resistance forms strong technical confluence - Swing Low Critical: A break below the last swing low would invalidate bullish structure Bitcoin’s current position around the local point of control reflects a phase of market equilibrium. This level represents the area of highest traded volume over the recent range, acting as both support and resistance at different times. The fact that price has revisited and hovered here for multiple days suggests active positioning from both bulls and bears. Just above lies the value area low, which is in direct confluence with the 0.618 Fibonacci retracement from the recent swing high to swing low. This dual-layered resistance is significant — if Bitcoin is able to break above and reclaim this zone, it could unlock the next leg higher. However, traders must remain cautious. The most recent swing low, formed during the last pullback, now acts as the final line of defense for bulls. A loss of this low would shift market structure to bearish and potentially initiate a correction deeper into the prior range. So far, the lack of high-volume breakdowns suggests sellers have not yet gained control. But without a decisive bounce and follow-through above resistance, the risk of a failed reversal increases. What to Expect in the Coming Price Action: If Bitcoin holds above the point of control and mounts a successful challenge of the value area low, a rotation toward a new all-time high becomes increasingly likely. However, failure to defend the swing low would invalidate the setup and favor further downside. All eyes remain on the current consolidation for clues on the next major move.