Technical analysis by The_Alchemist_Trader_ about Symbol BTC: Buy recommendation (8/29/2025)

Bitcoin (BTC) is testing its 0.618 Fibonacci retracement, a region in confluence with VWAP-SI support and the range-low channel. Bitcoin’s reaction here could define its path toward $132,000. Bitcoin has reached a pivotal inflection point, consolidating around one of its most significant technical supports. The current zone aligns with the 0.618 Fibonacci retracement, VWAP-SI support, and the range-low boundary of its higher trend channel. Holding this region will be crucial, as a defense could set the stage for an aggressive push higher. BITCOIN Price Technical Points: - Critical Support Cluster: Confluence of 0.618 Fibonacci, VWAP-SI support, and channel range low. - Structural Pivot: Holding this level maintains the bullish channel and uptrend momentum. - Upside Target $132,000: A defense here opens the probability of rotation toward new all-time highs. The confluence of Fibonacci retracement, VWAP-SI support, and channel structure makes the current support level one of the most important in Bitcoin’s recent history. Each of these indicators individually holds technical weight, but when aligned together, they form a region of strong demand. This makes the next few daily and weekly closes especially significant. If Bitcoin can hold this zone, it would establish another higher low within the broader bullish channel. This would reinforce the market’s existing structure and provide a springboard for continuation. Conversely, a failure to defend this cluster would weaken the higher trend channel and shift focus toward deeper supports, undermining the bullish case in the short term. The upside target for a successful defense lies at $132,000, where the next high-time frame resistance has been marked. This level represents not just a psychological milestone but also a structural cap aligned with Fibonacci extensions. Testing this region would effectively mean Bitcoin breaking into uncharted territory, further cementing its bullish trend. What to expect in the coming price action: If Bitcoin holds the confluence support on a closing basis, the probability of a rotation toward $132,000 increases substantially. Losing this region would threaten the bullish channel and open the door to corrective downside.