Cryptocurrency analysis firm Macrovision said in its latest technical analysis of Bitcoin that the market is once again under short-term pressure.
According to our analysis, Bitcoin price is once again in a downtrend after a recent attempt to recover, and the failure to break out of the key resistance zone between $71,000 and $75,000 indicates that the uptrend remains weak. This situation has been interpreted as suggesting that the movement in recent weeks may be a temporary technical reaction rather than a permanent trend reversal.
According to Macrovision, the outlook on short-term charts remains weak. Increasing selling pressure after a rebound from a particularly strong resistance zone indicates that the market has not yet established a solid uptrend structure. Analysts suggest that the current price movement should be considered more as a reactionary rebound occurring within a fragile market structure.
Related news Source: Kevin Warsh’s Fed Chair nomination process stalled
On the other hand, the technically important level is also worth noting. On the upside, the $71,000-$75,000 range remains the main resistance zone, and downward pressure is expected to continue as long as prices remain below this level. Below, the $64,000 level stands out as an important near-term support area. This area is considered a technically important threshold due to its convergence with historical highs and lows and high liquidity. On a deeper decline, the $59,000 to $61,000 range is being monitored as a strong main support zone.
According to the analysis, the determining factor for the market going forward will be how quickly Bitcoin can absorb the current weaknesses. If prices recover and stabilize in the short term, it seems possible that they will continue to move sideways within a certain range. However, if the selling pressure continues, especially if the support around $64,500 is lost, the decline could accelerate, and this scenario could strengthen the possibility of a retest of the $59,000 to $61,000 range or even a break below this area.
*This is not investment advice.
