Cryptocurrency analytics firm MakroVision has provided an updated outlook on Bitcoin's price action, explaining ongoing volatility and critical technical levels.
Bitcoin Volatility and Trends
MakroVision data shows Bitcoin is on a downward trend, forming lower highs and lower lows. This occurs amid the influence of the critical $79,300 Fibonacci level (0.5 Fib). The market remains dominated by selling pressure, and analysts suggest a potential bottom if key resistance levels are reclaimed.
Key Price Levels
The analytics firm identified the following critical price levels for BTC: - $87,500-$89,900: A break above this zone could indicate short-term market optimism. - $91,700 – $95,900: A stronger resistance area with significant liquidity. A sustained break above this range could confirm a possible trend reversal. - $79,300 (0.5 Fib): This level has so far held, but repeated tests increase the chance of a breakdown. - $70,900-$72,800: If the $79,300 support fails, Bitcoin could target this lower liquidity zone that aligns with trendline support.
Technical Analysis and Outlook
MakroVision notes Bitcoin's struggle with a downtrend, and holding the $79,300 area could lead to a brief rally. However, a break above the $91,700 level is needed for bullish confirmation.
MakroVision's analysis highlights the current market pressure on Bitcoin and the importance of specific price levels for potential trend reversal.
