Cryptocurrency analysis company MakroVision has shared its latest assessment of Bitcoin’s technical outlook. According to the company’s analysis, BTC ($73,205.00 · Live) has reached a high-liquidity zone concentrated around the $73,000 level, bringing back the attempt to break above its current sideways movement.
This development is said to signal the beginning of a more critical and exciting period for the market in the short term.
MakroVision pointed out that the $73,000 to $75,000 range is a key resistance zone for Bitcoin. This level is not only a strong technical barrier but also crucial for price movements due to its high liquidity. According to the analysis, a strong and clear breakout above this zone could significantly turn the short-term outlook positive and pave the way for the price to move to higher levels.
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On the other hand, in downward scenarios, the $69,000 level was noted as a significant short-term support point. If this level is lost, the $64,000 to $61,000 range emerges as a stronger and more critical support zone. It is particularly considered that in the event of a failed breakout attempt, the price could be drawn back to this broad support band.
Looking at the overall market structure, it was noted that Bitcoin is still trading within a wide horizontal band, but is approaching the upper limit of this band again. The fact that the current upward move is occurring towards the liquidity zone indicates that the market is approaching a decision point. According to the analysis, if an upward breakout occurs this time, the recovery could gain momentum. However, in the event of a possible rejection, Bitcoin is expected to continue its current horizontal movement for some time.
*This is not investment advice.
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