The MakroViscion cryptocurrency analysis firm has published its latest evaluation of the Bitcoin pricing action, identifying the key resistance and support levels as BTC remains in a bearish trend.
General market description: After an initial recovery at $ 102,000, Bitcoin has entered another bearish phase with little upward. The price is currently quoted just below the critical level of $ 98,600, and a sustained recovery will require a break over the key resistance areas.
According to the analysts, Bitcoin is quoted within a descending red trend channel. A break over this line of trend could be an early bullish signal. The recent recovery lacks a clear impulsivity, which makes the tests of higher resistance levels crucial.
These are resistance levels according to the analysis company:
- $ 98,600: strong short -term resistance. A break above this level could open the way for a movement towards $ 102,000.
- $ 102,000: a highly liquid area that could attract more rise. Breaking above this level and breaking the descending red trend line would confirm the upward scenario and could unlock the additional upward potential.
Key support levels according to analysts:
- $ 95,900: a critical support level. A fall under this could lead to a new test of the $ 91,700 zone.
- $ 91,700: Any additional decrease could push Bitcoin to the strong orange support zone from $ 87,500 to $ 89,900.
*This is not investment advice.
Fountain:
