Bitcoin Price Faces Critical Test at $76,000 Amidst Bearish Divergence
Bitcoin's price is facing a critical test at $76,000 after a bearish divergence on its one-hour chart indicated a possible short-term correction in the crypto market.
The monthly structure of Bitcoin still supports major upside scenarios if it resumes its recovery and avoids a deeper Fibonacci retracement.
According to More Crypto Online, two long-term price scenarios remain compatible with another price extension. One scenario shows Bitcoin reaching $162,346 at 61.8% Fibonacci extension, while the other identifies additional levels around $230,544 at 78.6%, $360,388 at 100%, and $589,837 at 123.6%
However, if the broader structure develops into a deeper correction instead of extending directly higher, the chart keeps a substantial corrective scenario in view, with lower Fibonacci zone beginning near $56,858 at the 38.2% level.