In its latest report evaluating the technical outlook of Bitcoin (BTC), cryptocurrency analysis firm MakroVision stated that the largest cryptocurrency has reached a critical threshold.
While the analysis noted that Bitcoin has formed a strong structure in recent weeks, it was claimed that a breakout in the short term could determine the direction.
According to MakroVision’s technical analysis, Bitcoin price is currently approaching the red trend line that has been acting as a strong resistance for weeks. Above this level, there is a high amount of liquidity in the $111,000–$112,000 range.
On the support side, two main areas stand out:
- The $106,400–$107,400 range is being watched as short-term support.
- The $105,000–$102,000 band below this level is defined as a larger demand zone.
MakroVision states that if Bitcoin achieves a permanent break above the $110,000 level, a new upward momentum may begin. However, in case of a rejection from this level, the reaction of the price and whether the support zones can be maintained will be decisive in terms of the direction of the market.
*This is not investment advice.
