BTC/USD quotes are trading at 106849 and continue to move within the framework of growth development and the formation of the “Head and Shoulders” reversal pattern. 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 asset’s value growth from the current levels. As part of the cryptocurrency rate forecast for tomorrow, January 22, 2025, we should expect an attempt to develop an increase in the value of the digital asset and a test of the resistance level near the 107865 area. From where we should again expect a downward rebound and an attempt to continue the fall of the Bitcoin rate with a target below the 95205 area.
Bitcoin Forecast and Analysis for January 22, 2025
An additional signal in favor of the fall of 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 “Head and Shoulders” reversal pattern. The cancellation of the option of a decrease in the coin rate and the cost of Bitcoin will be a strong increase in the value of the asset and a breakout of the 112605 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 116505. Confirmation of the fall in the price of the asset will be a breakout of the support area with the price fixing below 99605, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the implementation of the pattern with targets below.
Bitcoin Forecast and Analysis for January 22, 2025 suggests an attempt to test the resistance level near the 107865 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 95205. An additional signal in favor of a decrease in the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The breakdown of the 112605 area will cancel the option of the digital currency falling. This will indicate continued growth of the coin with a potential target above the 116505 mark.
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