Technical analysis for Bitcoin on January 6, 2025:
Current Price & Time Frame
Date: January 6, 2025
Current Price: $99,000 (as of 02:12 AM PST)
Support & Resistance
Immediate Support: $97,000 - This level has been tested and held as a support, showing buying interest.
Near Support: $94,000 - A psychological and technical support where buying was significant in the past.
Strong Support: $91,000 - A critical support zone, with previous volume indicating potential for a bounce if reached.
Immediate Resistance: $100,000 - A psychological barrier, breaking this could lead to further bullish momentum.
Key Resistance: $102,000 - This level represents where the price has encountered resistance before, possibly due to short-term profit-taking.
Psychological Resistance: $105,000 - Another significant round number where resistance might be felt.
Moving Averages
50-day SMA: $98,627 - Price has just moved above this level, signaling a potential shift towards a bullish short-term trend.
100-day SMA: $93,500 - Well below current price, acting as a longer-term support.
200-day SMA: $85,000 - Suggests a strong bullish trend in the long term as long as price stays above.
