Bitcoin’s monthly closing price is nearing, and traders are focusing on the 38.2% Fibonacci retracement level as a critical support zone. Holding above this level would likely sustain the current bullish momentum, while a drop below could signal a potential trend reversal. Technical analysts suggest that the 38.2% level acts as a strong support in uptrends, and if Bitcoin stays above it, traders can anticipate further upward movement. However, if Bitcoin falls below this level, deeper retracements might occur and could lead to BTC hitting significant levels like the 50% or even 61.8% levels. The outcome of this monthly close will be crucial in determining whether the current bullish run continues.