Leading cryptocurrency Bitcoin (BTC) and altcoins are facing tough times. Currently, BTC has fallen to a seven-month low below $90,000.
While this decline fuels bearish rhetoric and increased expectations of further declines, cryptocurrency analysis firm MakroVision has published its updated analysis for Bitcoin (BTC).
Analysts noted that Bitcoin has failed to break above the prominent red trend line for months, leading to further selling and decline.
MakroVision, outlining its Bitcoin expectations, stated that the failure to break the trend line and the recent declines are signs that weakness will continue in the medium term.
Analysts pointed to the 0.618 Fibonacci level at $95.9,000 for the upside potential, stating that a rapid recovery above this level soon would be an important signal that the upward momentum is renewed.
Analysts also stated that a rapid recovery above $102,000 is crucial for the uptrend, but on the other hand, they think that Bitcoin could decline as long as it remains below the red trend line, which is around $106,000.
“…Only a sudden recovery of the $102,000 level can temper the decline. However, as long as the price remains below the red trend line, bearish pressure will clearly continue to prevail.”
Bitcoin remains weak. The decline from the trend line confirms the bears’ strength, and unless the $102,000 zone is reclaimed, the lower supports at $91,700 and $85,600 remain quite important.
Bitcoin has seen a minor recovery in the last 24 hours, rising above $90,000 once again.
*This is not investment advice.