Bitcoin is giving mixed signals and there is some choppy movement going on in the market. We bring you the full Technical Analysis of Bitcoin on daily and low time frames. This will help you to plan your trades for the next week. Let’s deep dive into what the chart says.
Bitcoin Technical Analysis – Daily Timeframe
Bitcoin reached the major resistance level on the daily time frame and found no luck yet. Price keeps testing the resistance area and sellers are very aggressive in the zone. A break above the resistance area will bring heavy buying and we see a God candle there. The 50 Daily Moving Average (DMA) works as a support and bulls are strong as long as the price holds above this level.
The market is at a crucial point and trading in the tight range for the past 2 weeks. The biggest event is yet to come and that is the Bitcoin Reserve for the US government. An announcement will work as rocket fuel and will send the price towards the new all-time.
Bitcoin Technical Analysis – Lower Timeframes
Bitcoin broke last week’s symmetric triangle in the downward direction and after the downfall, it is now printing a small uptrend channel. Price is respecting the support and resistance of the small channel. A break in the upward direction will push the price towards the next resistance of $108,000 area.
The volume is dropping because the month’s end and weekend are coming. The market may see some action from Monday (3 February 2025) when the global market opens and the volume kicks in. Lower timeframes are for swing traders and you can plan your trades according to this. The next couple of days are very crucial for the market and will decide the weekly momentum.
