Bitcoin Price Action Update by MakroVision

Cryptocurrency analytics firm MakroVision has provided an update on Bitcoin’s recent price action, outlining ongoing weakness in the market and key levels to watch. Despite holding above a key Fibonacci level, Bitcoin has yet to stage a strong recovery.

Following a significant sell-off, Bitcoin continues to trade sideways, testing key support and resistance zones, according to the analyst firm. The lack of strong buying pressure raises concerns about whether a meaningful recovery is imminent or whether the bearish momentum will continue.

Although Bitcoin remains above the 0.5 Fibonacci level at $79,263, buyers have yet to make a strong move. The fact that the price remains below the descending trend line and key resistance levels suggests that a confirmed trend reversal is yet to occur.

Key Levels Ahead for Bitcoin

MakroVision shared the key levels to watch for Bitcoin:

• $87,500-$89,900: This area represents the first major hurdle. A move above this range could trigger short-term bullish sentiment.
• $91,700: A strong resistance level associated with the liquidity zone. A decisive break above this mark would be an early indicator of a potential trend reversal.

On the downside, Bitcoin needs to hold above these critical support levels to avoid further declines:

• $79,263 (0.5 Fibonacci Level): This level has been defended so far, but another test could pose a risk of further breakdowns.
• $75,000: A deeper liquidity zone that could act as support in case selling pressure increases.

This is not investment advice.