Cryptocurrency analytics firm MakroVision has shared an update on Bitcoin’s price action, highlighting another rejection at the key resistance level of $98,600. Bitcoin is currently trading near a key support level of $95,900.
According to the analyst firm, Bitcoin is in a short-term downtrend but continues to display a corrective pattern. A breakout above the recent intermediate highs is needed for the trend to reverse.
Here are the levels to watch, according to the analytics firm:
- $95,900: Holding this support level would be a short-term bullish signal.
- $91,700: The key support area is aligned with the green trend lines and the liquidity zone. A break here could trigger a drop towards the $87,500-$89,900 range.
- $98,600: High liquidity zone, breaking above this level could be critical for any recovery.
- $98,600: Recent intermediate high accompanied by high liquidity. A sustained break here is needed for Bitcoin to regain momentum.
- $102,000: Strongest current resistance, aligned with the red trendline.
*This is not investment advice.
