Published: Feb 6, 2025 at 06:45 AM
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- BTC/USD stays within a key range, with support at $91K and resistance at $102K, signaling a possible breakout or retracement.
- Bitcoin’s price faces crucial decision points around $95K, with possible movements depending on reactions at Fibonacci support zones.
- The market’s volatility keeps Bitcoin range-bound, with strong resistance at $102K and support at $91K determining the next move.
With key support and resistance levels dictating its short-term trajectory, Bitcoin (BTC) trades inside a clearly defined range. BTC/USD is currently trading at $98,158, down 3.17%. A sharp upward move earlier in the session touched $101,375 before pulling back, reinforcing the established range between support and resistance. According to George, two potential scenarios are in play, depending on how Bitcoin reacts to its current levels.
Bitcoin’s price remains tightly bound between the resistance level at $102,531 and support at $91,017.5. The midpoint of the range, around $95,392.5, represents a crucial level to watch. Fibonacci retracement levels at 0.62, 0.705, and 0.79 also suggest potential support areas, with prices potentially bouncing off these zones. A recent sharp decline from the upper boundary tested the lower support before rebounding within the range.
George suggests that the first scenario involves Bitcoin consolidating near the midpoint level before targeting higher resistance. A second, more bearish scenario would involve a deeper retracement, testing the $91,017.5 support level before potentially bouncing back. The analyst also highlights that Bitcoin may face some ranging in early February before an eventual upward move later in the month.
Volatility remains a key feature of the current market phase. Historical price action reveals multiple rejections at the upper boundary, indicating strong resistance at $102,531. Buyers have successfully defended the lower support levels, creating a well-established range. As a result, liquidity is concentrated around these levels, influencing breakout potential.
If Bitcoin maintains its position above $95,392.5, the path to $102,531 remains open. However, if the price fails to sustain above this key Fibonacci level, further downside could test the lower support at $91,017.5. A recovery from this level could lead to another attempt at breaking resistance. Hence, market participants should closely monitor these critical levels as Bitcoin navigates this crucial decision zone.
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