By cryptoadmin Cryptocurrency analytics company MakroVision has shared a new assessment of Bitcoin’s technical outlook. The analysis states that the largest cryptocurrency is still in a consolidation phase and the market is facing a new breakout attempt.
According to MacroVision, Bitcoin has initiated a technical recovery after a sharp pullback to around $60,000. This upward movement has brought the price back towards the critical region between $72,500 and $75,000. Analysts believe this area represents the first major resistance zone for Bitcoin in the short term.
However, the analysis noted that despite the current recovery, the overall market structure still points to a cautious outlook. Pointing out that several key support levels have been lost recently, MakroVision stated that the series of “lower peaks” that has formed in the medium term has not yet been broken, and therefore the big picture remains partly bearish.
The analysis firm, also touching upon technically critical levels, stated that if the $72,500–$75,000 band is surpassed, the market could experience a stronger recovery, initiating an upward movement that could extend towards the $86,000 and $91,700 levels. On the other hand, in the downward scenario, it was noted that the broad support zone around $60,000 remains important and that the recent recovery began with a reaction from this region.
According to MacroVision, the most critical factor in the short term will be whether Bitcoin can permanently reclaim this resistance zone. A strong break above this level could accelerate the recovery, while a potential rejection would mean that maintaining the series of higher lows would be crucial for the market structure.
*This is not investment advice.