Bitcoin Technical Analysis Report | 3rd Feb 2025
On February 2nd, Bitcoin slipped below the $100,000 mark following U.S. President Donald Trumps decision to impose tariffs on imports from China, Canada, and Mexico a day earlier. The move raises concerns about inflation, which could prompt higher interest rates and lead to a risk-off sentiment, dampening demand for crypto assets. Additionally, Bitcoins struggle to break past the $109,588 resistance level may have led short-term traders to take profits, further pressuring the price. This resulted in a pullback to the 100-day simple moving average (SMA) at $93,500.
At the time of writing, BTC was trading at $94,010.
BTC is struggling to sustain at higher levels. The asset witnessed a sharp correction after making a new all-time high of $109,588 and is currently trading in red over the past 4 days. The prices fell almost by 16.5% making a low of $91,231 today. BTC has a strong support zone at $90,000 to $85,000. The bulls can resume the up move if the price holds and sustains above the support.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $110,000 | $125,000 |
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