Daily Market Review and Analysis for BTC: January 4, 2025
#BTC (4H timeframe):
The total cryptocurrency market capitalization grew by 3.2% in the past 24 hours.
Bitcoin’s dominance decreased by 0.5%.
Bitcoin broke through the significant $97,400 volume level on an upward impulse but reached the lower boundary of the Ascending Channel, which has previously led to price pullbacks. Additionally, the On-Balance Volume (OBV) line has approached its resistance level, signaling a potential local correction.
Possible scenarios:
– The first support level is expected at the 4H EMA 200 around $96,000.
– If the bounce from this level is weak and BTC fails to climb back above $97,400, the price could drop further to the daily EMA 50 at $94,000. From this point, a reversal is likely, with a renewed attack on the channel's lower boundary.
– A return into the channel would confirm bullish strength and allow BTC to continue its upward trend.
BTC is consolidating below the resistance level at $99,000. If another attempt to break through this zone fails, a local market correction remains a likely scenario. Keep an eye on key support levels and how BTC reacts to them.
The total cryptocurrency market capitalization grew by 3.2% in the past 24 hours.
Bitcoin’s dominance decreased by 0.5%.
Bitcoin broke through the significant $97,400 volume level on an upward impulse but reached the lower boundary of the Ascending Channel, which has previously led to price pullbacks. Additionally, the On-Balance Volume (OBV) line has approached its resistance level, signaling a potential local correction.
Possible scenarios:
– The first support level is expected at the 4H EMA 200 around $96,000.
– If the bounce from this level is weak and BTC fails to climb back above $97,400, the price could drop further to the daily EMA 50 at $94,000. From this point, a reversal is likely, with a renewed attack on the channel's lower boundary.
– A return into the channel would confirm bullish strength and allow BTC to continue its upward trend.
BTC is consolidating below the resistance level at $99,000. If another attempt to break through this zone fails, a local market correction remains a likely scenario. Keep an eye on key support levels and how BTC reacts to them.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.