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As of February 1, 2025, Bitcoin (BTC) is trading at approximately $102,014, reflecting a 2.56% decrease from the previous close.

Technical Indicators:

Moving Averages: The 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) indicate a positive long-term trend, suggesting underlying market strength.

Relative Strength Index (RSI): Currently around 60, the RSI is approaching overbought territory, indicating potential for a short-term correction.

MACD: The Moving Average Convergence Divergence (MACD) line is below the signal line, with a negative histogram, confirming a bearish trend.

Support and Resistance Levels:

Immediate Support: $92,000

Immediate Resistance: $94,000

A breach below the support level could lead to a decline towards $90,000, while surpassing the resistance may propel the price to the $96,000 - $98,000 range.

Market Sentiment:

Despite the current bullish trend, caution is advised due to potential overbought conditions and bearish signals from certain indicators. Monitoring key support and resistance levels, along with technical indicators, is crucial for informed decision-making.

*Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Cryptocurrency markets are highly volatile; conduct thorough research before making investment decisions.*
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