The cryptocurrency market is experiencing renewed weakness as Bitcoin has dropped below the $95,900 support level after multiple tests, according to a new analysis by MakroVision.
The next major support area is currently in focus and traders are watching closely to see if this will continue or if there will be further declines.
The latest chart analysis from MakroVision reveals an ongoing downtrend, with Bitcoin struggling to break above key resistance levels and remaining within a descending trend channel. The firm has identified the following areas as key levels to watch:
- $98,600: Bitcoin has repeatedly failed to break this level, making it a crucial barrier.
- $102,000: A sustained break above this zone will confirm the bullish scenario.
- $91,700: A major support zone with significant liquidity. A bounce here could stabilize the market.
- $87,500 to $89,900: If Bitcoin fails to hold this range, further downside pressure could accelerate.
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While Bitcoin is trading near critical levels, analysts at MakroVision warn that a drop below $91,700 could trigger another sell-off.
*This is not investment advice.
