Crypto Technical Analysis Report 20th February 2025
On February 9, Bitcoin briefly surged past $96,500. However, overall, its price action has remained range-bound as traders await a catalyst for a decisive move. The longer Bitcoin consolidates within this range, the more significant its eventual breakoutor breakdownis likely to be.
Meanwhile, Ether is also drawing attention, with some analysts growing increasingly bullish. Currently, only 6.38% of Ethers circulating supply is available on exchanges, as investors continue shifting their holdings to cold wallets. This trend lowers the risk of a major sell-off; however, analysts caution that such data is best viewed as a long-term indicator rather than a signal for short-term trades.
BTC-USDT Daily Chart:
BTC has continued to trade sideways, in a narrow range within $100,000 to $94,000, over the past few days. The asset made a Long Legged Doji candle on Tuesday, this week, which indicates indecision in trend. BTC has a good support zone, from $85,000 to $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 the asset.
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