According to the Crypto analysis firm MakroVision, Bitcoin is testing a significant resistance zone between 88,000 and 91,700 dollars where multiple liquidity pools and resistance levels converge.
The company claims that the market has not yet decided whether Bitcoin will break out of these levels or be rejected.
MacroVision also raises a broader question about Bitcoin's position in the overall market cycle. In its latest market update, the firm asked, "Are we still in a bull market or have we entered a transitional phase?" Their main reports examine macroeconomic correlations, historical patterns, and potential scenarios for Bitcoin and the wider crypto market.
Meanwhile, another analysis company Alphractal indicates that there was a significant change in market positioning last week. According to their analysis, Bitcoin saw an increase in long positions, especially when it first surpassed $88,000. The highest trading activity and open positions were observed at $84,000, and it is thought that a price drop below this level could jeopardize long positions. If Bitcoin falls below this critical support, traders who entered short positions above $88,000 could profit.
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Bitcoin is Stuck in a Critical Zone! Here are the Essential Levels to Overcome Above and Hold Below!
According to the Crypto analysis firm MakroVision, Bitcoin is testing a significant resistance zone between 88,000 and 91,700 dollars where multiple liquidity pools and resistance levels converge.
The company claims that the market has not yet decided whether Bitcoin will break out of these levels or be rejected.
MacroVision also raises a broader question about Bitcoin's position in the overall market cycle. In its latest market update, the firm asked, "Are we still in a bull market or have we entered a transitional phase?" Their main reports examine macroeconomic correlations, historical patterns, and potential scenarios for Bitcoin and the wider crypto market.
Meanwhile, another analysis company Alphractal indicates that there was a significant change in market positioning last week. According to their analysis, Bitcoin saw an increase in long positions, especially when it first surpassed $88,000. The highest trading activity and open positions were observed at $84,000, and it is thought that a price drop below this level could jeopardize long positions. If Bitcoin falls below this critical support, traders who entered short positions above $88,000 could profit.