Cryptocurrency analytics company MakroVision has conducted an analysis of Bitcoin’s price movement following its recent rally, identifying important resistance and support levels that could determine its next trend.
After experiencing a significant decline, Bitcoin has made a strong recovery and is currently trading at around $99,000. However, there are key resistance levels that could impact its future price movement.
MakroVision points out that the $102,000 level serves as a short-term barrier and is slightly above a crucial liquidity zone that must be surpassed for further upward movement. The company also highlights that surpassing the descending red trendline would trigger a significant breakout target at $106,500, aligning with the previous intermediate high.
In terms of support, MakroVision emphasizes that a drop below $98,600 would draw attention to the $95,900 level. Additionally, during the recent sell-off, the $91,700 level provided strong support, and a retest of this level may indicate an increase in bearish pressure.
MakroVision observes that the current V-shaped recovery indicates bullish strength, but it remains below the red trendline. The company notes that a breakout is necessary to target the next milestone at $106,500. However, if Bitcoin falls below $98,600, the focus will shift to the $95,900 support level.
*This translation does not serve as investment advice.