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Bitcoin Technical Analysis Report | 24th February 2025
The cryptocurrency market is notoriously unpredictable, and the current state of affairs with Bitcoin (BTC) is no exception. After dipping below $95,500 on February 23rd, the asset remains at a crucial crossroads.
Despite struggling to breach the $100,000 mark on February 21st, it seems unlikely that this barrier will be broken in the near future. The rejection of BTC at the 50-day simple moving average ($98,933) has led many analysts to predict a potential decline towards the critical $90,000 support level.
The jury is still out on whether Bitcoin’s next move will be an all-time high or a pullback to $85,000 before resuming its uptrend. As of this writing, the asset trades at $95,515.
It’s worth noting that BTC has been trading within a remarkably narrow range ($94,000 – $100,000) over the past three weeks, accompanied by declining volumes. Furthermore, both the weekly and daily charts display indecision in the trend, as evident from the formation of ‘Spinning Top’ and ‘Long-Legged Doji’ candles.
Historically, BTC has found support at $90,000 on multiple occasions, whereas any potential break above $110,000 is likely to encounter strong resistance. A significant breakthrough on either side of these levels, coupled with substantial trading volume, would significantly impact the direction of this trend.
In conclusion, it’s crucial for investors and traders alike to remain vigilant and adapt their strategies accordingly as the market continues to evolve.
Source: https://zebpay.com/blog/bitcoin-technical-analysis-report-24th-february-2025
