Bitcoin Price Analysis

Bitcoin has fallen sharply after dropping below the critical $91,700 level, as per the latest analysis by crypto research firm MakroVision. The digital asset is currently testing a key support zone, raising concerns about its potential for further decline.

MakroVision notes that the strong impulsive move in Bitcoin’s price could indicate the presence of a C wave. A significant buying reaction at current levels is crucial to mitigate further downside risk.

The recent sell-off has brought Bitcoin directly to the 0.382 Fibonacci retracement level of the $86,350 range. According to the analysts, this area represents a strong zone that, along with the liquidity zone, could trigger a potential reversal. However, if this support fails to hold, Bitcoin may decline further towards the green trend lines, aligning with the 0.5 Fibonacci retracement level of the $79,200-$82,000 range.

Key Levels:

• $87,400-$89,800: A quick recovery above this zone could signal short-term bullish momentum.
• $91,700: This former support level has now turned into resistance and is critical to reclaim for any upward movement.

This is not investment advice.