The analyst firm said that for Bitcoin to continue its upward trend, the $115,800 and $120,300 resistance levels must be broken.
This week, all eyes on Bitcoin and altcoins are on the Fed’s October interest rate decision and the meeting between US President Donald Trump and Chinese President Xi Jinping.
At this point, while it is almost certain that the FED will cut interest rates by 25 basis points, BTC and the market started the critical week with an increase.
While the rise in the market is expected to continue, cryptocurrency analysis company MakroVision has published its updated analysis for Bitcoin (BTC).
MacroVision analysts said that Bitcoin has recovered significantly and is currently showing new bullish momentum.
Noting that the BTC price is currently moving towards the $115,800-120,300 resistance zone, analysts said that $115,800 is the first significant resistance.
Analysts noted that after the rapid recovery, the Bitcoin price may experience a pullback towards the $110,000-107,000 levels in the short term.
Finally, it was stated that the short-term outlook remains positive as long as BTC remains above the $105,000 level.
In the medium term, analysts also noted that Bitcoin’s rise above $120,300 could bring new ATHs.
Accordingly, if there is a break above $120,300, the BTC price could start a strong rally towards the $129,000-$133,000 levels.
MakroVision analysts concluded that $115,800-$120,300 are important resistance levels for Bitcoin’s rise, and these levels must be broken for the rise to continue.
Analysts added that further strong corrections could weaken the bullish outlook for Bitcoin again.
“Short-term: The $115,800 level represents the first significant resistance.
Following a rapid rally, a pullback to $110,000-$107,000 wouldn’t be unusual. However, as long as BTC remains above $105,000, the short-term outlook remains positive.
On the upside: If there is a breakout above $120,300, BTC could gain strong momentum towards the $129,000-$133,000 levels in the medium term.
However, in the short term, a timely break above $115,800 will be critical.”
