Crypto Technical Analysis Report | 23rd January 2025
Bitcoin is encountering significant resistance near its all-time high, but the encouraging news is that bulls are firmly holding their ground. A period of tight consolidation near this critical level signals strong conviction among buyers, suggesting optimism for the continuation of the uptrend. The upward-sloping 20-day EMA and the RSI in positive territory further reinforce the bullish outlook, indicating that momentum favors an upside breakout. While the market anticipates no interest rate cuts on January 29, a dovish tone during the press conference or any hints of Quantitative Easing (QE) aimed at supporting market stability could propel assets like Bitcoin to new heights.
BTC-USDT Daily Chart
BTC formed a Doji candle at the $108,353 level, indicating indecision in the trend and triggering profit booking. The asset has strong support in the $90,000 to $85,000 range, while $105,000 and $108,000 will serve as significant resistance levels.
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