Bitcoin Seeks $76k Support Amid Bearish Divergence Risk

Bitcoin's long-term chart continues to present two major upside scenarios as potential price extensions. According to analyst Jesse Olson, a bearish divergence on Bitcoin's one-hour chart has raised the risk of a short-term correction across the crypto market.

The critical test for BTC is at $76,000, and if it fails to hold above this level, support zones below could be exposed, including approximately $73,500, $72,000, and $69,500. However, a sustained move higher would strengthen the long-term bullish counts and bring the upper Fibonacci levels into play.

The chart maps both potential upside Fibonacci levels, including 61.8% at roughly $162,346, 78.6% at $230,544, 100% at $360,388, and 123.6% at $589,837. These are long-range technical projections rather than immediate price targets.

The chart also keeps a substantial corrective scenario in view, with a lower Fibonacci zone beginning near $56,858 at the 38.2% level, followed by approximately $44,402 at 50%, $34,675 at 61.8%, and $24,385 at 78.6%. For now, the chart makes continued upside the key confirmation signal.