MakroVision: Bitcoin Must Reclaim $102K to Halt Downtrend
MakroVision, a cryptocurrency analysis firm, updated its outlook for Bitcoin after the asset fell below $90,000—its lowest level in seven months. Analysts highlighted that Bitcoin has failed to break above a key long-term red trend line, currently near $106,000. This rejection has intensified bearish momentum.
The firm identified two critical recovery levels. A move above the 0.618 Fibonacci retracement at $95,900 would signal renewed upward momentum. More importantly, reclaiming $102,000 is essential to halt the downtrend. Until then, bearish pressure may persist.
On the downside, MakroVision noted support at $91,700 and $85,600. Bitcoin has shown a minor rebound above $90,000 in the past 24 hours, but traders should watch for a sustained break above $102,000 to confirm a medium-term trend reversal.
Bearish
MakroVision’s updated analysis underscores sustained bearish momentum after Bitcoin’s failure to break above the red trend line near $106,000 and its drop below $90,000, a seven-month low. The inability to reclaim key levels at $95,900 and $102,000 reinforces the prevailing downtrend. Historically, similar rejections at major resistance—such as the 2018 bear market relapse and the mid-2021 downturn—triggered further declines. Traders may witness increased selling pressure in the short term. However, if Bitcoin can retake $102,000, it could signal a medium-term reversal. Until then, market sentiment is likely to remain negative, limiting bullish catalysts.