Bitcoin price rise stalls at $97,600 as Fibonacci levels pose rejection risk

Bitcoin price has stalled around $97,600 as it hits the 0.618 Fibonacci resistance level, increasing the risk of rejection and increasing the likelihood of a corrective rotation towards channel support.

Bitcoin (BTC) The recent rally has been highly technical, with the price breaking into a major high timeframe resistance area around $97,600. This level is important as it lies at the intersection of several major confluence zones, including the 0.618 Fibonacci retracement, the upper bound of the broader trading channel, and the VWAP level anchored at higher price levels.

Important technical points for Bitcoin price

• Bitcoin stalls near $97,600, matching 0.618 Fibonacci resistance
• Confluence includes VWAP levels with higher channel resistance and higher timeframes
• Weak follow-through volume increases the risk of rotating towards the lower support of the channel

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BTCUSDT (6H) chart, source: TradingView

The $97,600 area is not a random resistance level. This represents a zone of stacked technical confluences that often attracts selling interest and creates an inflection point with high probability.

First, the 0.618 Fibonacci retracement is widely respected throughout the market as a key decision-making level. This often acts as a pivot where the price either breaks above the value and continues the trend, or declines and falls to rebalance the value. When Bitcoin stalls at the 0.618 Fibonacci level, it often indicates that buyers have lost momentum and the market is struggling to maintain acceptance above resistance.

Second, this Fibonacci level coincides with the upper bound of Bitcoin’s broader trading channel. Sellers typically defend channel highs because they represent a premium price within a range structure. When price reaches the high of a channel, profit taking and short positions often occur, especially when there is a lack of volume confirmation.

Finally, VWAP merging introduces an additional layer of resistance. The zone will further strengthen as the VWAP is derived from higher timeframe reference points and matches Fibonacci and structural resistance levels. VWAP often serves as a “fair value” benchmark, and when the price trades against VWAP at resistance, the market will frequently rotate unless demand remains dominant.

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Shallow volume indicates weak confidence

One of the most important factors in Bitcoin’s current movement is how its volume has trended during the rally. While the price has advanced to resistance, the volume profile indicates that the rally has been relatively shallow rather than impulsive. When a strong rally continues, volume often expands aggressively as buyers have the confidence to push through the resistance.

In this case, the lack of strong volume suggests that the rally may be correctional rather than trend-driven. This is an important difference. Corrective rebounds often stall and reverse at key confluence zones, as they represent short-covering or temporary easing rather than sustained demand accumulation.

This is also reflected in the volume node, which looks pale compared to what typically accompanies a breakout attempt. Without clear participation at higher levels, Bitcoin becomes vulnerable to continued declines due to rejections and liquidations.

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Continuing range rotation in the context of trading channels

Bitcoin’s broader structure is still defined by high time frame trading channels. As long as price remains within this channel, rotational behavior is expected. This means that a pullback to a channel high will often reverse towards a channel low, and unless the market breaks decisively, support tests will often lead to a pullback.

With Bitcoin stalled on channel resistance, the market is currently at a potential pivot where sellers could regain control and push the price back into lower value territory. If a rejection is confirmed, a rotation down the channel is the more likely outcome.

This does not necessarily indicate a complete macro bearish reversal. Instead, it suggests that Bitcoin may continue trading in a range rotation until the market produces a definitive breakout, supported by strong volume and acceptance.

What to expect from future price trends

Bitcoin is currently at an important technological inflection point. The rally has stalled in the confluence resistance zone around $97,600, increasing the risk of rejection due to lack of impulsive volume. Unless price remains below this resistance and is unable to regain resistance on a closing price basis, a deeper corrective rotation towards channel support and value areas is likely.

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