MakroVision has provided an updated analysis of Bitcoin's current market situation, highlighting the significance of approaching a key price level.
Current Market Situation
According to the latest technical assessments, Bitcoin is consolidating below a significant liquidity cluster and a long-term downtrend line, suggesting a calm period before the next significant price move.
Key Resistance and Support Levels
BTC remains below the red trendline but is forming higher lows, indicating a potential bull squeeze. The price is trading below the $87,600-$89,900 resistance zone but has yet to achieve a sustainable breakout. MacroVision identified $91,700 as the next major target if Bitcoin can break out of the orange resistance zone.
Conclusion and Outlook
MakroVision's macro analysis concludes that Bitcoin is once again at a critical point, and the next major price move will likely determine its direction for the months ahead.
Bitcoin is on the verge of a possible trend change with a potential breakout at $91,700, which could signal a reversal.
