Cryptocurrency analysis firm MakroVision has released a new assessment of Bitcoin's technical outlook following recent price action.
According to the analysis, Bitcoin continues to form a volatile bode, and the price has dipped below the $92,000 level again, indicating that directional uncertainty in the market remains.
MakroVision emphasizes that selling pressure remains prevalent in the short term. The analysis highlights that Bitcoin's $87,400-$88,700 range is a critical technical cluster zone. This range contains key Fibonacci levels from the recent downtrend. Experts believe that stabilizing the price within this range is essential for a new recovery structure to form. Otherwise, a breakdown within this range could push the price back toward the $82,000-$80,000 range.
On the other hand, in the bullish scenario, initial relief is expected only if Bitcoin sustains above $91,700. For medium-term strength, a break above the falling red trend line is considered confirmation of a solid base.
*This is not investment advice.
