Critical Levels to Watch for in Bitcoin Price Amid Hot News

Cryptocurrency analytics firm MakroVision has shared an update on Bitcoin’s price action, highlighting another rejection at the key resistance level of $98,600. Bitcoin is currently trading near a key support level of $95,900.

According to the analyst firm, Bitcoin is in a short-term downtrend but continues to display a corrective pattern. A breakout above the recent intermediate highs is needed for the trend to reverse.

Here are the levels to watch, according to the analytics firm:

• $95,900: Holding this support level would be a short-term bullish signal.
• $91,700: The key support area is aligned with the green trend lines and the liquidity zone. A break here could trigger a drop towards the $87,500-$89,900 range.
• $98,600: High liquidity zone, breaking above this level could be critical for any recovery.
• $98,600: Recent intermediate high accompanied by high liquidity. A sustained break here is needed for Bitcoin to regain momentum.
• $102,000: Strongest current resistance, aligned with the red trendline.

*This is not investment advice.