Cryptocurrency analysis firm MakroVision has shared its updated technical analysis of Bitcoin price movements. Bitcoin's Correction Continues After Peak, According to Analyst The company stated that Bitcoin has entered a correction phase following a peak around $123,000. The analysis indicates that the current structure is bearish and corrective. Important support levels identified by MakroVision are as follows: 0.5 Fibonacci level: $110,676 0.618–0.665 Fibonacci range: $107,721–$106,536 It was stated that these ranges are critical support zones for Bitcoin. Related News: BREAKING: Robinhood, Popular US Crypto Platform, Lists Two Anticipated Altcoins The analysis also predicts that if the liquidity zone above $120,300 is breached, Bitcoin could regain upward momentum and a rally above $129,000 is possible. On the other hand, it is warned that if the price falls below the $105,500 level, the technical outlook will deteriorate significantly and the risk of a downside will increase. At the time of writing, Bitcoin is trading at $113,627, a 3% drop over the past week. *This is not investment advice. Continue Reading: Analysis Company Claims: “Bitcoin Correction Process Continues, Pay Attention to These Critical Levels”