The analysis firm MakroVision has published an updated technical assessment of Bitcoin, indicating that the price correction continues.
Current Support Levels for Bitcoin
According to the analysis, BTC is currently trading just below $113,000. The 0.382 Fibonacci support level at $114,200 was tested, but this barrier has recently been broken to the downside.
Extent of the Correction and Market Sentiment
The current correction is progressing quite rapidly and strongly from a technical perspective. The report suggests that a pullback to the 0.5-0.618 Fibonacci retracement zone remains on the table. A deeper decline could jeopardize the medium- to long-term upward trend.
Future Growth Prospects for Bitcoin Price
MakroVision warns that if the price breaks above $120,300, it could trigger a strong increase. Otherwise, the range of $111,000 to $108,000 represents the next significant support area.
In conclusion, the current Bitcoin price remains under pressure from correction. In the coming days, key levels will be $114,200 and $120,300, which will determine further market directions.
