Recent analysis of the price dynamics of Bitcoin indicates a noticeable decline in its value, raising concerns among traders.
Current Situation Analysis
According to the updated analysis by MakroVision, Bitcoin's current price is just below $113,000 after failing to hold the $114,200 level, which corresponds to the 0.382 Fibonacci retracement level. The drop occurred after Bitcoin broke beneath its short-term red trend channel, signaling strong selling pressure.
Price Movement Forecasts
The firm highlighted the $111,000 to $108,000 range as the next key zone to watch, suggesting that traders should be prepared for additional downside if bears maintain control. Analysts also warned that Bitcoin could extend its decline toward the 0.5–0.618 Fibonacci retracement levels, which would pose serious challenges to medium- and long-term trends.
Conclusions and Recommendations for Traders
Despite the bearish signals, MakroVision left room for a potential recovery. The firm explained that if Bitcoin manages to reclaim $120,300, momentum could quickly shift back in favor of the bulls, setting the stage for another strong rally. However, until then, traders should be prepared for uncertainty and heightened volatility likely to define trading conditions.
In conclusion, while short-term weakness dominates the charts, the broader market outlook still hinges on whether Bitcoin can establish a solid base before attempting another breakout.
