Bitcoin’s Technical Outlook: Navigating Key Support and Resistance Levels Amid Market Volatility

As of February 6, 2025, Bitcoin ($BTC ) is trading at approximately $97,268, reflecting a slight decrease of 0.17% today.

Recent market movements have been influenced by geopolitical tensions, particularly the announcement of new tariffs on imports from Canada, Mexico, and China. These developments have heightened concerns about potential inflation and its impact on interest rates, contributing to Bitcoin’s recent price fluctuations. 

Technical analysis indicates that Bitcoin is approaching critical support levels at $92,000 and $87,000. A breach below these thresholds could lead to a further decline towards $74,000. Conversely, resistance is identified around $106,000, which, if surpassed, may signal a bullish reversal. 

Analysts emphasize the importance of monitoring these key levels, especially in light of potential policy changes and their implications for the broader financial landscape.

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