Quick update on Btc price 2/6/2025
D1 Frame:
• Current price: Around $104,800 – $105,800.
• Support: $103.068 (Fibonacci level 0.236)
=> If this level breaks, it could drop to 101kxxx-100kxx (the tail could still reach 99kxxx)
• Resistance: $106,000 – $108,000.
• RSI Indicator: Around 52 – neutral.
• MACD: Currently showing a slight bearish crossover signal, indicating short-term correction pressure.
D4 Frame
• The upward trend remains intact, although the most recent candle shows hesitation.
• The 50 MA is declining while the 200 MA is still rising, reflecting a positive medium-term trend.
W Frame
• Last week's candle closed red after 7 consecutive weeks of increases, but with low volume, indicating weak selling pressure.
• The 200-week MA continues to rise, reinforcing the positive long-term trend.
🔎 Market signals and on-chain data
• Trading volume: Strongly increased with 12,500 BTC traded on Binance in the past 24 hours.
• Active addresses: Increased by 8% compared to last week, reaching 1.2 million addresses, reflecting growing interest from investors.
• Bitcoin ETF: Inflows into ETFs have slowed, indicating caution from institutional investors.
✅ Overall assessment
• Short term: BTC is in a slight correction phase after the recent increase. Maintaining the support level of $103.068 is crucial to sustaining the upward trend.
• Medium term: The upward trend remains intact, with the possibility of BTC testing the resistance level of $108,000 this week.
• Long term: Technical indicators and on-chain data support the upward trend, with a potential target of $111,000 – $116,000 in June if current resistance levels are surpassed.
📌 Conclusion
Bitcoin is in an accumulation phase after a strong increase, with technical indicators and market data supporting the upward trend in the medium and long term.
However, investors should closely monitor important support and resistance levels combined with news RELATED TO TAXES from Tt Trump to make reasonable entry and exit decisions.