An analysis by MakroVision highlights Bitcoin's significant recovery, which recently reached a low of around $75,000, now targeting the crucial resistance level at $98,600.
Bitcoin and Its Rise
The recent analysis emphasizes that after a drop to $75,000, Bitcoin is demonstrating an "impressive" and technically significant rebound. A key catalyst for the rally has been the break above a descending trendline that had capped price action in recent weeks.
Prospects for Further Growth
MakroVision analysts noted that if Bitcoin can hold above the $98,600 level, the market may see a push toward higher targets, specifically $102,000 and $106,400.
Market Risks
Despite the bullish trends, experts also acknowledge potential downside risks. The first major support level is set at $91,700, with a secondary support zone at around $87,500 if bearish pressure intensifies. Investors should remain alert to potential corrections and the impact of macroeconomic conditions, regulatory uncertainties, and Federal Reserve policy decisions.
Given the uncertainty in the cryptocurrency market, the key question remains whether Bitcoin can convert its recent breakout into sustained gains.
