Cryptocurrency analysis platform MakroVision has published a remarkable assessment of Bitcoin's recent price movements.
The analysis noted that Bitcoin reached a new all-time high by rising to $112,000, and then entered a technically healthy correction process.
MakroVision emphasized that the 61.8% Fibonacci resistance at $111,260 initially turned the price back, but this pullback is currently limited to around 5%. There are no signs of a sharp decline in the downward movement at the moment.
Experts note that Bitcoin has found strong support at the following technical levels:
- $103,200: The 23.6% Fibonacci retracement level is currently holding successfully.
- $102,000: This level, which previously acted as resistance, is now a potential support area.
- $97,700: Coinciding with the 38.2% Fibonacci level, this area forms a strong support cluster along with $98,600.
According to MakroVision’s analysis, Bitcoin retesting $112,000 would reaffirm the market’s strength, with $121,100 the next target if this level is breached.
However, in terms of downside risks, it is emphasized that Bitcoin is still structurally in an uptrend as long as it does not fall below $97,700.
*This is not investment advice.
