It's the .618 fib retracement level, a psychological level that bitcoin's price often falls to after it goes up. It's not support for anything, but if the price goes lower than $37k it's a sign the move from $28.5k to $53k might not signal a shift in momentum.
Hi Mark, can you tell me why $37k is a critical support? Can you refer to your article which explains this rationale behind? Thanks
It's the .618 fib retracement level, a psychological level that bitcoin's price often falls to after it goes up. It's not support for anything, but if the price goes lower than $37k it's a sign the move from $28.5k to $53k might not signal a shift in momentum.