Cryptocurrency analytics firm MakroVision has released its latest assessment of Bitcoin’s price action, identifying key resistance and support levels as BTC ($97,587.42) remains in a downtrend.
Current Market Overview: After an initial recovery to $102,000, Bitcoin has entered another bearish phase with little upward momentum. The price is currently trading just below the critical $98,600 level, and a sustained recovery will require a break above key resistance zones.
According to the analyst firm, Bitcoin is trading within a descending red trend channel. A break above this trend line could be an early bullish signal. The recent recovery lacks clear impulsiveness, making testing the upper resistance levels crucial.
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Here are the resistance levels according to the analytics company:
- $98,600: A strong short-term resistance. A break above this level could open the way for a move towards $102,000.
- $102,000: A highly liquid area that could attract further upside. Breaking above this level and breaking the descending red trendline would confirm the bullish scenario and could unlock additional upside potential.
Key support levels according to analysts:
- $95,900: A critical support level. A drop below this could lead to a retest of the $91,700 zone.
- $91,700: Any further declines could push Bitcoin towards the strong orange support zone of $87,500 to $89,900.
*This is not investment advice.
Continue Reading: Where are the Critical Support and Resistance Levels for Bitcoin in the Latest Situation, Analysis Company Explained: “If This Point Is Broken, $91.000 May Come Up”
