BTC/USD quotes are trading at 105195 and continue to move within the ascending channel. Moving averages indicate 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 potential continued growth in the asset’s value from current levels. As part of the cryptocurrency rate forecast for tomorrow, January 23, 2025, we should expect an attempt to develop a decrease in the value of the digital asset and a test of the support level near the 105195 area. From where we should again expect an upward rebound and an attempt to continue the growth of the Bitcoin rate with a target above the 116205 area.
Bitcoin Forecast and Analysis for January 23, 2025
An additional signal in favor of the growth of BTC/USD quotes will be a test of the support line on the relative strength indicator. The second signal in favor of this option will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakout of the 99605 area. This will indicate a breakout of the support area and a continuation of the fall of the Bitcoin rate with a potential target at 92405. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above the 108605 mark.
Bitcoin Forecast and Analysis for January 23, 2025 suggests an attempt to test the support level near the 105195 area. And then, the continuation of the growth of the cryptocurrency with a potential target at the level of 116205. An additional signal in favor of the rise in the Bitcoin rate will be a test of the support line on the relative strength indicator. The cancellation of the growth option for the digital currency will be a breakout of the 99605 area. This will indicate a continuation of the fall of the coin with a potential target below the 92405 mark.
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