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Cryptocurrency News Articles
Bitcoin (BTC) Price Analysis: Rebound After Falling to $95,678
Feb 08, 2025 at 08:27 pm
The price of Bitcoin (BTC) has rebounded after falling to $95,678. BTC price analysis on February 8, 2025 by Coinidol.com.
Bitcoin (BTC) price fell to $95,678 before recovering. Here’s a price analysis by Coinidol.com for February 8, 2025.
BTC price analysis on February 8, 2025 by Coinidol.com.
BTC’s price analysis shows a bearish long-term prediction.
The bullish momentum approached the 21-day SMA after breaking above the 50-day SMA. If BTC breaches the moving average lines, it will reach the historical highs of $104,000 and $108,000.
However, if Bitcoin faces rejection at the recent high, it will enter the downtrend zone. Bitcoin will trade below the moving average lines but above the $95,000 support.
Today, the Bitcoin price dropped to a low of $98,868 after retesting the psychological price level of $100,000.
BTC price indicator analysis
The Bitcoin price is currently below the moving average lines after making a false break above the 50-day SMA but failed to move higher.
After the false breakout, the Bitcoin price became stuck between the moving average lines on the 4-hour chart.
Technical indicators
Key supply zones: $108,000, $109,000, $110,000
Key demand zones: $90,000, $80,000, $70,000
What is the next step for Bitcoin?
Bitcoin has been trading above the $95,000 support and below the moving average lines since February 3. The bullish momentum on the 4-hour chart broke above the moving average lines and was rejected at the $100,000 high.
According to the price analysis by Coinido.com, currently, the Bitcoin price is above the 21-day SMA but below the 50-day SMA. BTC will turn into a trend if one of the moving average lines is broken.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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