Bitcoin Technical Analysis Report | 6th January 2025
Bitcoin rallied by approximately 4% this week, signaling strong demand at lower price levels. On January 2, U.S. spot Bitcoin exchange-traded funds (ETFs) saw outflows totaling $242.3 million. However, this trend reversed dramatically on January 3, with inflows surging to $908.1 million, according to recent data. This sharp turnaround indicates growing investor confidence in Bitcoins potential to maintain its upward trajectory. Additionally, signs suggest that selling pressure on Bitcoin may be easing, further reinforcing the bullish outlook.
At the time of writing, BTC was trading at $98,959.
BTC has been trading in the green over the past seven days. However, on a daily timeframe, the asset continues to trade within a range of $92,000 to $99,500 with low volumes. The bulls are struggling to break the psychological resistance level of $100,000. Once the price breaks above and sustains this level, we may expect the bulls to resume the upward movement. $90,000 and $85,000 will provide strong support for BTC.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $85,000 | $90,000 | BTC | $100,000 | $108,000 |
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