Bitcoin is currently testing a significant resistance zone

Bitcoin is currently testing a significant resistance zone that aligns with the 8.618 Fibonacci extension, the value area low, previous point of control, and high time frame SR levels. This region also coincides with a potential point C in an ABCD correction based on Elliott Wave theory.

Key Points:

Price is reacting at point C of a possible ABCD correction, with technical confluence from major Fibonacci levels.
Rejection here could lead to a drop toward the $60K–67K region, aligning with wave D completion.

The current move up appears short-squeeze driven rather than organic, increasing the likelihood of a corrective rejection. If point C holds as resistance, Bitcoin may rotate lower, continuing the broader bearish market structure and validating the wave theory setup.