We've recently expanded the FIB (we've used the entire year) to the 31k breakout since that level was the major resistance during the summer. This put the 1.5 FIB at ~44.5k. That level is a profit taking level for institutional or other traders since it marks 150% profit on their early 2023 positions. Now today's dip bounced right on the 1.272 which suggests temporary support for that level and as a result triggered the trading bots so it was instantly picked up by the market.

Was has to be seen now is if the 1.272 hold when Bitcoin comes back down to retest that level or if we consolidate there (go sideways) before going up again. 31k is still on the table.