Cryptocurrency analytics firm MakroVision has provided an in-depth update on Bitcoin’s current price structure, suggesting that the market is approaching a pivotal moment.
According to its latest technical assessments, Bitcoin is consolidating just below a significant liquidity cluster and a long-term downtrend line, suggesting a calm period ahead of the next significant price move.
According to the analytics firm, BTC remains below the red trendline but is forming higher lows in a sign of a potential bull squeeze.
The price is trading just below the $87,600-$89,900 resistance zone but has yet to achieve a sustainable breakout. MacroVision has identified $91,700 as the next major target if Bitcoin can break out of the orange resistance zone. A breakout of this level would mark the first structural shift in momentum in months and could potentially signal a trend reversal.
$81,300 represents the recent high low. A retest of this level could weaken the bullish pattern. $72,000 (Golden Pocket) is considered a strong support in case of a deeper correction and could potentially prevent further downside moves.
MakroVision’s analysis concludes that Bitcoin is once again at a critical point and the next major price move will likely determine its direction for the months ahead.
*This is not investment advice.
