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In its latest assessment, cryptocurrency analysis company MakroVision highlighted critical levels regarding Bitcoin price movements.
Bitcoin has retreated slowly after the recent sharp sell-off, but still trades just below a decisive resistance zone in the short term, according to the analysis.
The market has become focal point of the $72,000 to $75,000 range,’ said MakroVision. The current price action does not yet confirm a strong trend reversal of trends, while an over-top break could accelerate the uptrend.
analysis, said ‘The overall technical outlook is still bearish. Bitcoin is in a “technical recovery” phase after breaking through key support levels, but the fact that the price has moved away from $59,000 level and is beginning to test critical zones again is considered ‘good news for the short term’. But whether this will be a viable increase depends on getting out of the resistance zone, .
The $59,000–$61,000 range is the most important support zone in assessment of support and resistance levels, according to . If this level is maintained, the recovery may continue; a potential downward break could rapidly increase selling pressure and possibly lead to retest of lows, it is said. Conversely, the $72,000–$75,000 range is viewed as the most critical resistance zone; sustained break above this level could potentially push up to $85,500 and then down to $91,700.
MacroVision says that Bitcoin will return to $72,000–$75,000 range, the most critical situation in the short term is whether Bitcoin can regain its $73,000–£750,000 line. Overcoming this level would be a strong sign of recovery, but the current rejection at that level indicates it may still be an attempt to break down in general as well as being re-established.
*This is not investment advice.
Thanks for reading The Most Critical Range for the Bitcoin Price Is $72000–$75000—Analysts Outline the Scenarios
