BTC/USD quotes are trading at 101663 and continue to move within the development of growth and a bullish channel. Moving averages indicate the presence of a short-term bearish 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 value of the asset from current levels. As part of the cryptocurrency rate forecast for tomorrow, January 7, 2025, we should expect an attempt to develop a minor correction in the value of the digital asset and a test of the support level near the 96605 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 114605 area.
Bitcoin Forecast and Analysis for January 7, 2025
An additional signal in favor of the rise in 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 93635 area. This will indicate a breakout of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 87505. The growth of the asset price will be confirmed by a breakout of the resistance area with the price fixing above 103505, which will indicate a breakout of the upper boundary of the downward correction channel.
Bitcoin Forecast and Analysis for January 7, 2025 suggests an attempt to test the support level near the 96605 area. And then, the continuation of the growth of the cryptocurrency with a potential target at 114605. 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 breakout of the 93635 area will cancel the growth option for the digital currency. This will indicate a continuation of the coin’s fall with a potential target below the 87505 mark.
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