Bitcoin Technical Analysis Report | 13th January 2025
Bitcoins price volatility took center stage over the past week, as both crypto and equity markets reacted to newly released U.S. economic data. A significant surge in Treasury yields initially weighed on market sentiment, leading to a sharp correction in Bitcoin (BTC), as well as the DOW and S&P 500. However, Bitcoin has managed to rebound above $95,000, signaling that bullish momentum remains intact with buyers sustaining pressure. Currently, Bitcoins recovery is encountering resistance at the 20-day EMA of $96,190. Despite this challenge, bulls are holding firm and not relinquishing control to the bears. If buyers maintain their strength, they are likely to make another attempt to push the price above the moving averages, which could pave the way for further recovery and an upward trajectory.
At the time of writing, BTC was trading at $94,610.
BTC, after making the all time high of $108,353, made an Evening Star pattern and witnessed some correction. The prices fell almost by 15.53% and dropped to $91,530. Post this move, BTC is consolidating and trading in a range from $91,500 to $102,800 with low volumes. The asset has a strong support zone from $90,000 to $85,000, whereas $100,000 and $108,000 will act as a strong resistance. Breakouts, on either side of the range with good volumes, will further decide the trend for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $100,000 | $108,000 |
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