What’s the Latest on Bitcoin Prices? Analysis Firm Shares the Level That Must Be Surpassed to Avoid Another Major Drop

MakroVision, a cryptocurrency analysis company, has released its latest technical analysis of Bitcoin. It argued that in its analysis, “the price has fallen below critical support levels and is at the very top of decisive levels to determine what short-term direction it will take.”

Bitcoin received strong rejection after its recent upward move and broke below key support zones, MacroVision reported. It is trading at its recent lows and remains below the critical “green zone” between $85,200 and $86,200.

In the analysis, it showed that early signs of a recovery were beginning to appear in the very short term. However, it added that for this movement to represent a long-term reverse, the price needed to quickly and sustainably recover $85,200–$86,200 range was lost.

Similarly, it was noted that “if this level is not over-extended, the current upward attempt may be just an technical response within a downtrend”.

The first clear signal that selling pressure is weakening,’ said MakroVision, referring to the return of $85,200–$86,200 range. Such a scenario would see’stabilization and relief in the market’ of .

Conversely, it was stated that if the resistance zone in question cannot be recovered, “the chances of the decline continuing will increase.” The second major target in this case is the strong support zone between $72,300 and $75,300 – an area of heavy support.

In the analysis, “this band is technically extremely different” and represents a potential support and reverse zone in case there is’market capitulation of this band’.

*This is not investment advice.

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