Cryptocurrency analysis company MakroVision has shared a remarkable analysis of Bitcoin’s technical outlook in its latest assessment. The company states that Bitcoin is now approaching a critical decision moment after weeks of sideways movement.
According to MakroVision, Bitcoin is moving in a narrowing triangle formation between $102,000 and $110,000. This structure shows that there is indecision between the bulls and bears in the market. Bitcoin, which has lost momentum after the last peak of $112,000, is looking for direction.
In the short term, the most critical support level stands out as $102,000. If this level is broken, the $98,600–97,700 band (0.382 Fibonacci retracement level) may come into play.
For an upward move, the $109,500 level needs to be broken permanently. If this happens, upward momentum could be regained.
MakroVision noted that the current narrowing price range could soon lead to a breakout, sharing the following levels:
- Break above $109,500: Strong bullish signal
- Breakout below $102,000: A deeper price correction
*This is not investment advice.
Continue Reading: What’s Next for Bitcoin? Here’s What You Need to Know
