BTC/USD quotes are trading at 98338 and continue to move within the development of the correction and bearish channel. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices have broken through the area with signal lines downwards, which indicates pressure from sellers of “Digital Gold” and a potential continuation of the fall in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, February 7, 2025, we should expect an attempt to develop growth in the value of the digital asset and a test of the resistance level near the 101675 area. From where we should again expect a rebound downwards and an attempt to continue the fall of the Bitcoin rate with a target below the 84665 area.
Bitcoin Forecast and Analysis for February 7, 2025
An additional signal in favor of a decrease in BTC/USD quotes will be a test of the resistance line on the relative strength indicator. The second signal in favor of this option will be a rebound from the upper border of the bearish channel. The cancellation of the option of falling coin rate and Bitcoin price will be a strong growth of the asset price and a breakout of the 103505 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 108605. Confirmation of the asset price fall will be a breakout of the support area with the price fixing below 90065, which will indicate a breakout of the lower border of the bullish channel.
Bitcoin Forecast and Analysis for February 7, 2025 suggests an attempt to test the resistance level near the 101675 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 84665. An additional signal in favor of the decline in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The breakdown of the 103505 area will cancel the option of the digital currency falling. This will indicate continued growth of the coin with a potential target above the 108605 mark.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
