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Bitcoin Technical Analysis Report – 24th February 2025
The price of Bitcoin (BTC) has been stuck in a narrow range of $94,000 to $100,000 over the past three weeks, with declining volumes. This indecision has led to the formation of a ‘Spinning Top’ candle and a ‘Long-Legged Doji’ candle on the weekly time frame.
The recent rejection at the 50-day simple moving average ($98,933) on February 21 suggests that strong resistance from the bears is present at this level. The asset has repeatedly found support at $90,000, while $110,000 is expected to act as strong resistance. A breakout on either side of these levels, accompanied by significant volume, will further determine BTC’s trend.
In the current market situation, it appears that Bitcoin’s price action may be poised for a decline towards the critical $85,000 support level if it fails to break above the key $100,000 level. However, some analysts are still anticipating a fresh all-time high as early as next month.
The asset is currently trading at $95,515.
Source: https://zebpay.com/blog/bitcoin-technical-analysis-report-24th-february-2025
