Cryptocurrency analysis company MakroVision has shared its latest technical analysis of Bitcoin. In its analysis, the company argued that the price has fallen below critical support levels and is approaching decisive levels for determining the short-term direction.
According to MacroVision, Bitcoin faced strong rejection after its recent upward attempt and broke below key support zones. The price is currently trading around its recent lows and remains below the critical “green zone” between $85,200 and $86,200.
The analysis stated that initial signs of a recovery were beginning to appear in the very short term. However, it added that for this movement to represent a lasting reversal, the price needed to quickly and sustainably regain the $85,200–$86,200 range.
It was noted that if this level is not surpassed, the current upward attempt may remain merely a technical reaction within a downtrend.
MakroVision stated that regaining the $85,200–$86,200 range would be the first clear signal that selling pressure is weakening. In such a scenario, a period of stabilization and relief could begin in the market.
On the other hand, it was stated that if the resistance zone in question cannot be recovered, the likelihood of the decline continuing will increase. In this case, the next major target is the strong support zone between $72,300 and $75,300.
According to the analysis, this band is technically very distinct and represents a potential support and reversal zone in the event of a possible market capitulation.
*This is not investment advice.
