MakroVision has published an analysis of the technical situation of Bitcoin, stating that the cryptocurrency is at an important juncture after several weeks of sideways movement.
Current Technical Structure of Bitcoin
According to MakroVision, Bitcoin is moving in a narrowing triangle between $102,000 and $110,000. This structure indicates indecision between bulls and bears in the market. After the last peak at $112,000, Bitcoin has lost momentum and is seeking direction.
Key Support and Resistance Levels
In the short term, the critical support level is $102,000. If this level is broken, the $98,600–97,700 band (0.382 Fibonacci retracement level) may come into play. For an upward move, the $109,500 level needs to be permanently breached, which could regain upward momentum.
Conclusion and Possible Scenarios
MakroVision noted that the current narrowing price range could soon lead to a breakout, highlighting the following levels:
* Break above $109,500: Strong bullish signal * Breakout below $102,000: A deeper price correction
In light of the current market conditions for Bitcoin, analysts encourage monitoring key levels that may determine the cryptocurrency's near-term direction.
