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Bitcoin Faces Key Levels at $76,000 Support and $99,000 Resistance
Bitcoin's price remains stable above the last swing low from November. While there's a gradual upward trend, strong bullish signals are lacking.
Key Support and Resistance Zones Identified Using MVRV Metric
- Market analyst Ali Martinez highlights Bitcoin's next move depends on behavior around critical levels identified by the MVRV Extreme Deviation Pricing Bands.
- The MVRV metric compares Bitcoin's market price to its Realized Price, identifying overvalued or undervalued conditions.
- A resistance level at $99,000 aligns with the +0.5 standard deviation band, previously acting as a local top due to increased profit-taking.
- A significant break above $99,000 could signal renewed bullish interest.
- Immediate support is around $76,000, corresponding to the –0.5 deviation band, indicating potential undervaluation.
- Historical patterns show pullbacks to this region often lead to upward momentum due to "buy-the-dip" strategies.
Further Crucial Zones: $122,000 and $53,000
- Should Bitcoin break above $99,000, it may face resistance at $122,000, corresponding to the +1 standard deviation band.
- A break past $122,000 could precede a new all-time high.
- If support at $76,000 fails, Bitcoin might decline towards $53,000, a historically strong accumulation zone marked by the –1.0 deviation.
- Currently, Bitcoin is priced around $90,400, experiencing a 1.24% loss recently according to CoinMarketCap.
