Cryptocurrency analysis firm MakroVision has released a new assessment of Bitcoin's technical outlook following recent price movements.
According to the analysis, Bitcoin continues to form a volatile omen, with the price once again falling below the $92,000 level, indicating that uncertainty in the market direction still remains.
Macrovision emphasizes that selling pressure remains prevalent in the short term. This analysis highlights that Bitcoin’s $87,400 to $88,700 range is a key technical cluster zone. This range includes the key Fibonacci levels of the recent downtrend. Experts believe that stabilizing prices within this range is essential for the formation of a new recovery structure. Otherwise, if the price falls within this range, the price could return to the $82,000 to $80,000 range.
On the other hand, in a bullish scenario, initial relief is only expected if Bitcoin sustains above $91,700. In terms of medium-term strength, a break above the descending red trend line would confirm a solid foundation.
Technical analysis charts shared by MakroVision.
*This is not investment advice.
