Bitcoin is currently facing some bearish pressure. This move is all but surprising, since we had a 60% move in around three weeks.
This analysis is to showcase that there might be more pain in the market for Bitcoin. When looking at the Fibonacci retracement lines, the "ideal" reversal area would be between the 0.382 and 0.618 retrecement lines, which range from 56.5k to 50k.
In case the Fibonacci lines fail to hold, I'd be looking at the lower dotted trend line for a bounce, which goes back all the way to August.
Happy trading!