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Let's continue examining the structure of technical analysis. In the stage of external impacts and emotional weakness, technical analysis often reflects the capital's attitude more realistically than the news.
Let's start with the structure of moving averages, which is the most intuitive.
Currently, the price of BTC is around 85,000 dollars and the key point is that: The 20-day moving average (SMA20/Bollinger Bands master ) overlaps exactly with the Fibonacci retracement level of 23.6% that goes from the October high to the November low (91,364).
This is what we commonly refer to in technical analysis as resonance pressure: moving averages, Fibonacci, and the triple pressure of resistance levels.
So the fellows can understand why last weekend BTC rose above 90,000 dollars and then was quickly sold off again: the big funds simply do not want to buy in this range.