Cryptocurrency analytics firm MakroVision has offered an updated outlook on Bitcoin’s price action, explaining the ongoing volatility and key technical levels that could shape where the market moves next.
According to the analyst firm, Bitcoin remains on a downward trajectory, forming lower highs and lower lows, despite a short-term reaction at the critical $79,300 Fibonacci level (0.5 Fib). Selling pressure remains dominant, with analysts pointing to a potential bottom if key resistance levels are reclaimed.
Here are the critical price levels ahead of BTC, according to the analytics firm:
- $87,500-$89,900: A break above this zone could signal short-term bullish momentum.
- $91,700 – $95,900: A stronger resistance area with significant liquidity. Only a sustainable break above this range would confirm a possible trend reversal.
- $79,300 (0.5 Fib): This level has held so far, but repeated tests increase the chances of a breakdown.
- $70,900-$72,800: If the $79,300 support fails, Bitcoin could target this lower liquidity zone that lines up with the trendline support.
According to MakroVision, Bitcoin is struggling with a downtrend and holding the $79,300 area could lead to a relief rally. However, a break above $91,700 is needed for bullish confirmation.
*This is not investment advice.