BTC/USD quotes are trading at 102731 and continue to move within the correction. Moving averages indicate the presence of a short-term bearish trend for Bitcoin. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of “Digital Gold” and a potential continuation of the fall in the asset’s value from the current levels. As part of the cryptocurrency rate forecast for tomorrow, January 29, 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 103165 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 90505 area.
Bitcoin Forecast and Analysis for January 29, 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 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 106565 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 115265. The fall of the asset price will be confirmed by a breakout of the support area with the price fixing below 95025, which will indicate a breakout of the lower border of the bullish channel.
Bitcoin Forecast and Analysis for January 29, 2025 suggests an attempt to test the resistance level near the 103165 area. And then, the continuation of the fall of the cryptocurrency with a potential target at 90505. 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 106565 area will cancel the option of the digital currency falling. This will indicate a continuation of the coin’s rise with a potential target above the 115265 mark.
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