Bitcoin Daily: Powerful Resistance Rejection at 61.8% Fibo & 200Bitcoin / U.S. dollarBITSTAMP:BTCUSDChartPro_DataBitcoin (BTCUSD) is showing a textbook technical reaction on the Daily Chart, highlighting the precision of classical price action and institutional defense zones. Following a solid recovery from the recent lows, the asset has run into a major confluence of resistance that has temporarily halted the bullish momentum. ### Key Technical Observations: * **The 61.8% Fibonacci Retracement:** Drawn from the major swing high to the recent capitulation low. The price precise hit this golden ratio and faced immediate selling pressure. * **The 200-Period Simple Moving Average (200 SMA):** The purple line is acting as a major dynamic overhead resistance. The fact that the 61.8% Fibo and the 200 SMA converged at the exact same price zone (around the 82k-83k area) made this an incredibly high-probability short-term rejection zone. * **Trendline Support:** After the rejection, BTC is now drifting lower, but it remains supported by a local ascending trendline (blue support line) established since April. ### Scenario / Strategy: As a swing/position chartist, I look for key structural levels. The "61.8% FIBO + 200P" zone proved to be an institutional supply wall. * **Bearish Case:** If Bitcoin breaks below the local ascending trendline, we could see a deeper correction toward the next major horizontal support levels below 75k. * **Bullish Case:** A sustained breakout and daily close above the 200 SMA / 61.8% Fibo zone would invalidate the bearish structure and open the gates for a powerful rally back toward the psychological 90k-100k targets. For now, the bears are protecting the 200 SMA wall. Patience is key here. --- 📊 **ProData Chart** | By Rogerio Zaglia *12+ years of daily global market technical analysis.* ⚠️ **Disclaimer:** This analysis is for educational and informational purposes only. It does not constitute financial advice or an investment recommendation. Past performance is not indicative of future results.