Cryptocurrency analytics firm MakroVision has assessed Bitcoin’s price action following its recent rally, identifying key resistance and support levels that could determine its next trend.
After a significant sell-off, Bitcoin has recovered strongly and is currently trading around $99,000. However, key resistance levels that could influence further price action remain in focus.
MakroVision notes that the $102,000 level represents a short-term barrier and is just above a key liquidity zone that needs to be breached for further upside. The firm also notes that a breakout of the descending red trendline would activate a decisive breakout target at $106,500, which is in line with the previous intermediate high.
On the support side, MakroVision emphasizes that a drop below $98,600 would shift attention to the $95,900 level. In addition, the $91,700 level provided strong support during the recent sell-off and a retest of this level could indicate increasing bearish pressure.
MakroVision observes that the current V-shaped recovery points to bullish strength but remains below the red trendline. The firm notes that a breakout is needed to target the next milestone at $106,500. However, if Bitcoin breaks below $98,600, the focus will shift to the $95,900 support level.
*This is not investment advice.