Analyst: Bitcoin bulls must hold the key Fibonacci support level to avoid the price falling to $76,000.

PANews, December 8—According to Cointelegraph, crypto analyst “Daan Crypto Trades” pointed out that Bitcoin is currently hovering near a critical technical price level. This level, which represents the 0.382 Fibonacci retracement zone, serves as a key support and resistance area during market cycles. To avoid significant losses, it must be firmly supported; if broken, Bitcoin’s price could drop to the April low of around $76,000. Testing this low would break the existing market structure on a long-term time frame. On Sunday night, the Bitcoin market experienced another round of sharp short-term leveraged liquidations, with both long and short leveraged positions being wiped out. The price briefly fell below $88,000 before quickly rebounding above $91,500. This is undoubtedly an example of a low-liquidity weekend market being manipulated to simultaneously clear both long and short leveraged positions.