BTC/USD quotes are trading at 66429 and continue to move within the growth and bullish channel. Moving averages indicate a short-term upward trend in Bitcoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of Digital Gold and a potential continuation of the growth in the value of the asset from current levels. As part of the forecast for the cryptocurrency rate for tomorrow, July 25, 2024, we should expect an attempt to develop a bearish correction in the value of the digital asset and a test of the support level near the area of 64065. From where we should again expect a rebound upward and an attempt to continue the growth of the Bitcoin rate with a target above the area of 73045.
Bitcoin Forecast and Analysis for July 25, 2024
An additional signal in favor of growth in BTC/USD quotes will be a test of the support line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the option to increase the coin rate and the value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of 61505. This will indicate a breakdown of the support area and a continued decline in the Bitcoin rate with a potential target at the level of 57805. Confirmation of an increase in the price of the asset will be a breakdown of the resistance area with the price consolidating above the level of 70055.
Bitcoin Forecast and Analysis for July 25, 2024 assumes an attempt to test the support level near the area of 64065. And then, continued growth of the cryptocurrency with a potential target at the level of 73045. An additional signal in favor of an increase in the Bitcoin rate will be a test of the support line on the relative strength index. Cancellation of the growth option for the digital currency will be a breakdown of the 61505 area. This will indicate a continued decline in the coin with a potential target below 57805.
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