The leading cryptocurrency, Bitcoin, got off to a strong start in October. After being stuck in the $82,000–$85,000 range at the end of September, BTC broke above this consolidation zone and rose to levels around $86,900.
At this point, the analytics company Makrovision shared its latest assessment of Bitcoin. According to this assessment, the company noted a significant improvement in BTC’s price movement and shared the critical levels to watch in the coming period.
The $82,500 Level is Critical, Must Be Closely Monitored!
According to Makrovision’s analysis, Bitcoin has made a strong upward move after months of consolidation below the $65,500 level. The fact that the initial descending trend line was also broken during this move is considered a positive development from a technical perspective.
At this point, the analysis firm stated that following this breakout, the $82,500 level is critically important for Bitcoin’s short-term movement.
According to Makrovision, $82,500 is a key area for Bitcoin in the short term.
Noting that this level has been tested many times recently, the analysis firm stated that the more a support level is tested, the greater the likelihood of it being broken in the future.
However, it is stated that Bitcoin falling below $82,500 does not necessarily signify a negative picture in itself. According to the analysis, such a pullback could be a healthy correction following a strong upward movement.
At this point, it was stated that if Bitcoin falls below $82,500, the market’s attention may turn to the $75,000-$73,000 support zone, and these levels could be reached if the decline deepens.
$98,000 for Bitcoin is on the Agenda!
Makrovision states that in an upward move, the $86,500 level is a critical hurdle to watch and is the next important threshold to be followed.
According to the analysis company, if Bitcoin strongly surpasses this level and maintains its position above it, the next major target could be $98,000.
In summary, the analysis firm points out that Bitcoin’s technical structure has strengthened compared to the previous period, and notes that the $82,500 and $86,500 levels could be decisive in the short-term outlook.
*This is not investment advice.
