Crypto Technical Analysis Report | 30th January 2025
Bitcoin surged following the FOMCs confirmation that the Federal Reserve would maintain interest rates within the 4.25% to 4.5% range. Initially, Bitcoin mirrored the declines in the S&P 500, DOW, and QQQ before rebounding sharply, reaching an intra-day high of approximately $104,782. The 20-day exponential moving average (EMA) at $101,393 is providing stabilization, while the relative strength index (RSI) hovers just above the midpoint, indicating a slight bullish edge in market sentiment.
BTC-USDT Daily Chart
BTC formed an Evening Star pattern at $108,353, leading to a correction of nearly 17.5%, with prices dropping to $89,256. The asset found multiple support levels around $90,000, and the lower long shadow near this level indicated buying interest. BTC then resumed its upward movement, reaching a new all-time high of $109,588 last week. Since then, the asset has been consolidating between $100,000 and $107,000. BTC has strong support at $99,000 and $85,000, while $110,000 serves as a significant resistance level.
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