Cryptocurrency analysis firm MakroVision, in its latest technical assessment for Bitcoin (BTC), stated that the market has entered a healthy consolidation phase following a strong rally.
The company stated that BTC has entered a classic “bull flag” formation, a positive technical structure often seen following rapid price increases.
According to MakroVision’s analysis, the most critical short-term resistance level for Bitcoin is the Fibonacci retracement at around $121,100. Breaking this level could trigger a new upward wave. Meanwhile, support at around $113,600 coincides with the 0.382 Fibonacci retracement level, and a potential return to this level would be considered a healthy technical correction.
The firm said that if BTC can sustain above $106,000, the medium-term bullish momentum will be maintained.
The analysis indicates that if Bitcoin breaks above $121,000, the 1.382 Fibonacci extension point at around $129,600 will be highlighted. If this level is also broken, the next target could be around $133,800.
*This is not investment advice.