NewsBTC

Jan 24, 2025

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Bitcoin Price Consolidates Above $100,500 With Potential Upside

Bitcoin price is currently above the $100,500 resistance zone and may aim for an increase above $105,000. Key points include:

• Price started a correction from $106,800.
• Currently trading below $104,000 and the 100-hourly SMA.
• A bullish trend line supports at $102,000 on the hourly chart.
• Potential for another increase if it stays above $102,000 support.

Price Movement Overview

Bitcoin initiated an upward move past $104,500, reaching a high of $106,833 before correcting gains. Currently:

• Immediate resistance is near $104,000.
• The first key resistance is at $105,500; a move above may lead to testing $106,800.
• A close above $106,800 could push the price toward $108,200 or even $110,000.

Potential Downside Risks

If Bitcoin does not break above $104,500, potential corrections could occur:

• Immediate support at $102,500 or near the 76.4% Fibonacci retracement level.
• Major support levels are at $101,250 and $100,500.
• Further losses could target $88,500.

Technical indicators show a bearish MACD and RSI below 50.