According to a new update from MakroVision Research, Bitcoin’s recent price action shows the world’s largest cryptocurrency consolidating near a critical support cluster that could determine its next major move.
After several days of sustained selling pressure, Bitcoin has slipped back to the 0.382 Fibonacci retracement level near $106,500, a zone that aligns with a key ascending trendline. Analysts at MakroVision noted that this area will decide whether Bitcoin rebounds or extends its correction.
In the short term, the report identifies the $106,500–$105,400 range as the most important support zone. A decisive breakdown below this level could push prices lower toward $102,000, corresponding to the 0.5 Fibonacci retracement, and potentially down to $98,600, a strong horizontal support level that previously acted as a reversal point.
On the upside, MakroVision highlighted potential recovery targets at $115,785 and $120,300, both areas of dense liquidity where sellers could emerge again. The firm emphasized that only a sustained move above $121,000 would restore a clearly bullish market structure and open the path toward higher highs.
In summary, Bitcoin appears to be in a consolidation phase following its strong summer rally. The $106,000 area remains the battleground for bulls and bears alike. If buyers successfully defend this region, a technical rebound could take shape. However, failure to hold it would likely shift market focus to deeper retracement levels, a key test of Bitcoin’s resilience after weeks of heightened volatility.