Bitcoin Technical Analysis Report 17th February 2025
Bitcoin remained subdued over the weekend, indicating a standoff between bulls and bears as they await a decisive catalyst. While short-term sentiment seems uncertain, analysts maintain a bullish outlook for the long term. The crypto asset is facing resistance at its moving averages, but a key positive is that bulls have held their ground, preventing any significant pullback. This resilience increases the likelihood of a breakout above these levels. The psychological $100,000 mark may pose a challenge, but expectations are high that Bitcoin will eventually surpass it. However, while many anticipate a major rally for Bitcoin, opinions remain divided on whether an altcoin season is approaching.
At the time of writing, BTC was trading at $96,635.
BTC, on a daily time frame basis, has been consolidating and is trading in a small range from $94,000 to $100,000, over the past two weeks with declining volumes. On a broader time frame (Weekly chart), the asset has made a Spinning Top candle that indicates indecision in trend. The asset has taken multiple support at $90,000, whereas $110,000 will act as a strong resistance. Breakouts, on either side of these levels, with good volumes, will further decide the trend for BTC.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $110,000 | $125,000 |
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