Bitcoin Breakout: Makrovision Identifies Key Levels for Short-Term Movement
Bitcoin (BTC) kicked off October on a strong note after breaking free from its consolidation zone at $82,000-$85,000 in September. The cryptocurrency rose to levels around $86,900, prompting analysis firm Makrovision to share its assessment of BTC's price movement.
According to Makrovision, Bitcoin has made significant progress since consolidating below the $65,500 level. The breakout above this trend line is seen as a positive development from a technical perspective.
The analysis firm identified the $82,500 level as critical for Bitcoin's short-term movement, warning that if it falls below this threshold, the market's attention may turn to the $75,000-$73,000 support zone. However, such a pullback could be a healthy correction following a strong upward move.
On the other hand, if Bitcoin successfully surpasses the $86,500 level and maintains its position above it, Makrovision suggests that the next major target could be $98,000.