Bitcoin Eyes $84K Fibonacci Target as Correction Deepens

2026-01-23 10:41:20

⬤ Bitcoin has slipped into correction mode after failing to hold near recent peaks, now trading inside a rising channel. Technical analysis points to $84,000 as the next downside target—a level marked by the 1.618 Fibonacci extension from the most recent swing high to low. The daily chart shows BTC getting rejected from the upper channel boundary and rotating lower within its trend structure.

⬤ The chart displays a clear Fibonacci high near the recent top, followed by a sharp drop back toward channel support. Price has stabilized below the channel’s midpoint, with earlier Fibonacci lows serving as reference points along the way. The $84,013 level sits right at the 1.618 extension target and lines up with the lower channel boundary—making it a key zone to watch if selling pressure picks up.

⬤ Even with the pullback, the broader structure hasn’t broken down. Bitcoin still trades above long-term support, and the rising channel remains intact with no confirmed breach. This move looks more like a normal retracement than a trend reversal, similar to previous pullbacks during this market phase. Fibonacci levels continue working as reliable guides for tracking potential downside moves.

⬤ This setup matters for the wider crypto market since Bitcoin typically sets the tone for overall sentiment. A test of the $84,000 zone would challenge the current uptrend while keeping the technical picture clear for traders. For now, the lack of strong follow-through suggests the market may stay quiet as price drifts toward this technically-defined level.

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