Cryptocurrency Analysis Firm Makrovision said in its latest technology assessment for Bitcoin (BTC) that the market has entered a healthy integration phase following a strong gathering.
The company said BTC has entered the classic “bull flag” formation.
According to a Makrovision analysis, Bitcoin’s most important short-term resistance level is Fibonacci’s retracement at around $121,100. Breaking this level can trigger a new upward wave. Meanwhile, the approximately $113,600 support coincides with the retracement level of 0.382 Fibonacci, with potential returns to this level being considered a healthy technical fix.
The company said if BTC can maintain its mid-term bullish momentum.
The analysis shows that if Bitcoin exceeds $121,000, the 1.382 Fibonacci expansion point, about $129,600, is highlighted. If this level is also broken, your next target could be around $133,800.
*This is not investment advice.