BTC/USD quotes are trading at 97555 and continue to move as part of the decline and have left the bullish 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 asset’s value growth from the current levels. As part of the cryptocurrency rate forecast for tomorrow, January 8, 2025, we should expect an attempt to develop a slight increase 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 downward rebound and an attempt to continue the fall of the Bitcoin rate with a target below the 86905 area.
Bitcoin Forecast and Analysis for January 8, 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 bearish 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 107605 area. This will indicate a breakout of the resistance area and continued growth of the Bitcoin rate with a potential target at 115605. The confirmation of the asset price fall will be a breakout of the support area with the price fixing below 93265.
Bitcoin Forecast and Analysis for January 8, 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 86905. An additional signal in favor of the fall of the Bitcoin rate will be a test of the resistance line on the relative strength indicator. The cancellation of the option of falling digital currency will be a breakout of the 107605 area. This will indicate continued growth of the coin with a potential target above 115605.
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