BTC/USD quotes are trading at 99022 and continue to move within the development of growth and a descending channel. Moving averages indicate the presence of a short-term bullish trend for Bitcoin. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of “Digital Gold” and a potential continuation of the growth in the value of the asset from the current levels. As part of the cryptocurrency rate forecast for tomorrow, January 16, 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 100565 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 87965 area.
Bitcoin Forecast and Analysis for January 16, 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 descending 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 103405 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 110565. Confirmation of the asset price fall will be a breakout of the support area with the price fixing below 91505, which will indicate a breakout of the lower border of the bullish channel.
Bitcoin Forecast and Analysis for January 16, 2025 suggests an attempt to test the resistance level near the 100565 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 87965. 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 cancellation of the digital currency fall option will be a breakout of the 103405 area. This will indicate continued growth of the coin with a potential target above the 110565 mark.
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