Bitcoin (BTC) Analysis – February 2, 2025
General Trend:
Bitcoin is in a volatile phase after approaching the $103,000 level, with clear selling pressure.
The current trend is more bearish in the short term, but in the medium term there is still upward momentum as long as strong support levels are not broken.
Support and Resistance:
Strong Support: $100,000 – $98,500.
Main Resistance: $104,000 – $108,000.
If $100,000 is broken, we may see a drop towards $96,000. If $104,000 is broken, $108,000 is expected to be targeted and then $110,000.
Technical Indicators:
Relative Strength Index (RSI): Close to 50, indicating a balance between buyers and sellers currently.
Moving Averages: The price is trading near the 50-day moving average, indicating a possible correction before the upside continues.
Volume: A decrease in volume may indicate a weakness in the current trend, which may lead to a sideways movement or temporary correction.
Forecast:
If it holds above $101,000, there may be an upward rebound towards $104,000.
A break of $100,000 may take the price back to $98,500 – $96,000.
This is a personal analysis, please do your own research
