Bitcoin has experienced a robust start to October, moving out of a stagnant range of $82,000 to $85,000 at the end of September. The cryptocurrency has surged to approximately $86,900, signaling notable momentum in the market.

In its latest assessment, analytics firm Makrovision highlighted significant improvements in Bitcoin’s price trajectory and outlined key price levels that investors should monitor closely in the near term.

Key Support Level: $82,500

Makrovision’s analysis emphasizes the importance of the $82,500 mark, which the firm identifies as critical for short-term price movements. After a consistent period of consolidation below $65,500, Bitcoin’s recent upward shift and the breaking of the initial descending trend line are considered positive indicators from a technical viewpoint.

The firm pointed out that $82,500 has been tested multiple times recently. The more frequently a support level is tested, the higher the risk that it could be breached in the future. However, Makrovision suggests that a dip below this level might not necessarily indicate a bearish trend, noting it could merely represent a healthy correction following the strong upward movement.

Should Bitcoin fall under $82,500, the analysis hints that market attention could shift toward the support zone between $75,000 and $73,000, which could come into play if the decline extends further.

Looking Ahead: Targeting $98,000

On the upside, Makrovision identifies $86,500 as a crucial resistance level to watch closely. A strong breakthrough above this threshold could position Bitcoin toward a significant target of $98,000.

In conclusion, the firm underscores that Bitcoin’s technical outlook has improved markedly compared to earlier phases, with $82,500 and $86,500 standing out as pivotal levels for investors to consider in the short term.

Note: This information should not be considered as investment advice.