That level represents the 1.618% Fibonacci extension, originating from the December 2018 lows, the December 2022 lows, and the 2021 high.

BTC bulls need to overcome the 161.8% Fib extension, the so-called golden ratio.

The rally completed wave 3 at the 1.618 Fibonacci extension, signaling strong momentum, with a potential wave 4 consolidations underway.