The Mega Rally in Bitcoin Has Stopped: So What Will Happen Next? What Are the Important Levels?

Crypto analysis company MakroVision stated in its latest technical analysis report that Bitcoin's rise trend continues.

The report stated that after the leading crypto broke the resistance at 102,000 dollars, it also surpassed the first extension target at 107,365 dollars. According to the analysis, Bitcoin is currently moving towards a new liquidity area at approximately 112,500 dollars.

MakroVision states that this rise has a technically healthy and controlled structure. According to the analysis, the rally that started above 102,000 dollars exhibits an impulsive structure, while the pullbacks experienced so far have remained short-term and limited in scope. This situation indicates that the market is still being driven by buyers and that the rise dynamic continues strongly.

The first significant resistance level against Bitcoin is emerging at 111,200 dollars. This level is noteworthy because it is both the Fibonacci 0.618 extension point and a region of high liquidity. If this level is broken upwards, analysts consider 121,100 dollars as the next target. This point is seen as the 1.236 extension target in a larger time frame.

On the other hand, some critical support levels that investors should monitor in the event of a potential pullback were also analyzed. It was noted that the level of 107,365 dollars acts as support in the short term, while the level of 106,455 dollars stands out as a stronger and more strategic support area. Additionally, it is stated that as long as the price remains above 102,000 dollars, the overall technical structure is not compromised and the rise momentum continues.