Aayush Jindal
Key Highlights
- Bitcoin price is consolidating above the $94,000 support zone.
- BTC is facing hurdles near a key bearish trend line with resistance at $97,250 on the 4-hour chart.
- Ethereum price is struggling to gain pace for a move above $2,850 and $3,000.
- GBP/USD aims for a move above the 1.2630 and 1.2650 levels.
Bitcoin Price Technical Analysis
Bitcoin price made a couple of attempts to settle above $100,000 against the US Dollar. However, BTC bears remained active and prevented a steady increase.
Looking at the 4-hour chart, the price remained stable above the 76.4% Fib retracement level of the upward move from the $91,352 swing low to the $102,295 high, but it is also below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the price could face resistance near the $97,500 level and the 100 simple moving average (red, 4-hour). There is also a key bearish trend line forming with resistance at $97,250 on the same chart.
The next key resistance is $100,000 and the 200 simple moving average (green, 4-hour). A successful close above $100,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $105,000 level.
Immediate support is near the $95,500 level. The next key support sits at $94,000. A downside break below $94,000 might send Bitcoin toward the $92,000 support. Any more losses might send the price toward the $91,200 support zone.
Looking at Ethereum, there was a recovery wave above $2,650 but the bears remained active near the $2,850 resistance zone.
Today’s Economic Releases
US Housing Starts for Jan 2025 (MoM) – Forecast 1.40M, versus 1.499M previous.
US Building Permits for Jan 2025 (MoM) – Forecast 1.460M, versus 1.482M previous.
