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The Bit Journal
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Bitcoin Faces Key Resistance: Can It Reclaim $100K or Is a New Low Looming?
The leading cryptocurrency, Bitcoin, seems to have hit a test as it could not make a record high past $102,500. This leads to a bearish price action and a breakdown below $100k; this area was bearish for BTC as it extended decline towards the $98,500 range. This influenced a shift in the market where bearish pressures dominated the session.
Key Developments
The price of Bitcoin also increases to its highest level on Monday at $102,500. This recovery did not last long; the digital asset was bearish shortly after the rally. This trading price went below $100, 000 and maintained a lowering trend; it breached significant levels of support. Thus, due to the further bearish pressure, the BTC price dropped below $98,500 and $97,500, which is crucial for the formation of bearish momentum.
The BTC/USD pair volatility is still relatively low, but profound support levels have been seen around 96500, which imposed significant pressure and trapped buyers waiting for another reluctant attempt. A bearish pattern is quite observable on the hourly BTC/USD chart, although a descending channel has only now emerged with resistance at $99,000. This means that any sort of rebound might be capped at whichever of these levels the asset is able to overcome.
Source: TradingView
Overview of Bitcoin’s Current Market Position
Bitcoin is now trading under the $98,000 mark while the price is under the key $99,000 level and below the 100-hour simple moving average. As the price experiences a decline in its upward slope, the next question that needs to be answered is whether the price will stabilize and flatten out or continue to fall further. The further technical resistance is located at $100,000, with $102,500 being the other level of resistance, and the immediate support level is found at $96,500.
Traders are cautious as the market turns bearish, anticipating an opportunity in case the prices rise due to a support level of $100,000 for Bitcoin. Therefore, it might increase and approach the old high of $106,012 in the case of BTC. In contrast, if the Bulls fail to continue the upward and penetrate the aforementioned barriers, further drop-down may push Bitcoin to a new low of around $93,750.
Price Indicators and Market Sentiment
Other technical assessments reveal further bearishness expected in the market as demonstrated by multiple technical factors. The Relative Strength Index measure on the daily chart has declined to 44 which is relative negative since it is removed from the midpoint of 50 or the neutral region. Further to this on the same chart, MACD line has given a bearish crossover, which means that the price of Bitcoin is likely to experience further downward price fluctuations.
Crypto Fear & Greed Index
Another popular tool that measures the attitude of the market is the Crypto Fear & Greed Index, which has also changed drastically. On February 5 it showed one of the least sympathy scores of 54 which could be termed “Neutral”, down from 72 of “Greed” of the previous day. This declined trend or the sharp drop in the sentiment may be taken to mean that the investors are getting a bit more circumspect, waiting for more signals in order to make further trades.
Source: Fear & Greed Index
Potential for a Bitcoin Recovery
However, present conditions and future development indicate that Bitcoin may have a shot at recovery. If it manages to stay above the $100,000 mark, it may open the door for another run. In that case, the BTC price will push the $102,500 level and may even touch the recent high of $106,012. However, for now, short-term attention is spared to the major support and resistance levels that would define the further course of Bitcoin prices.
Market Outlook and Possible Scenarios
Bitcoin’s future directly hinges on how it would be able to penetrate certain levels of resistance. If a new high above $99k is penetrated, it will open the door for a recovery attempt towards $100k or above. On the downside, supports are foreseeable at around $ 96,500 as well at $ 95.500 in case prices continue to decline. The result of this fight will probably be determinative of what shape Bitcoin is headed in the next few days.
Conclusion
Currently, Bitcoin price is near important resistance and support levels, which means the cryptocurrency is at an interesting intersection in its price dynamics. The subsequent days are important for BTC’s price movement as a breakout above $99k level may indicate an upward movement. Nonetheless, if such sentiment unfolds, bearish patterns may see more significant hits toward BTC. The bulls are keenly observing how the current support levels are going to be found and whether the Bitcoin is going to make a successful attempt to bounce back.
The BIT Journal is available around the clock, providing you with updated information about the state of the crypto world. Follow us on Twitter and LinkedIn, and join our Telegram channel.
Frequently Asked Questions (FAQ)
What are Bitcoin’s current resistance levels?
Bitcoin’s immediate resistance levels are at $98,000 and $99,000. The next major resistance is near the $100,000 level.
What are Bitcoin’s key support levels?
The key support levels for Bitcoin are located at $96,500, $95,500, and $93,750.
What is the current market sentiment for Bitcoin?
As of February 5, the Crypto Fear & Greed Index indicates a neutral market sentiment with a score of 54, down from a greed score of 72 the previous day.
Is there still a chance for Bitcoin to recover?
Bitcoin could bounce back if it stabilizes above $100,000, with potential for higher gains.
Appendix Glossary of Key Terms
Relative Strength Index (RSI): A technical indicator used to measure the magnitude of recent price changes to evaluate overbought or oversold conditions.
Moving Average Convergence Divergence (MACD): A trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.
Crypto Fear & Greed Index: A tool used to gauge the general market sentiment by measuring aspects like volatility, market momentum, social media sentiment, and surveys.
References
BTC/USD Price Analysis and Chart: newbtc.com
TradingView: tradingview.com
CoinMarketCap: coinmarkecap.com
Fear & Greed Index: alternative.me
Key Developments
The price of Bitcoin also increases to its highest level on Monday at $102,500. This recovery did not last long; the digital asset was bearish shortly after the rally. This trading price went below $100, 000 and maintained a lowering trend; it breached significant levels of support. Thus, due to the further bearish pressure, the BTC price dropped below $98,500 and $97,500, which is crucial for the formation of bearish momentum.
The BTC/USD pair volatility is still relatively low, but profound support levels have been seen around 96500, which imposed significant pressure and trapped buyers waiting for another reluctant attempt. A bearish pattern is quite observable on the hourly BTC/USD chart, although a descending channel has only now emerged with resistance at $99,000. This means that any sort of rebound might be capped at whichever of these levels the asset is able to overcome.
Source: TradingView
Overview of Bitcoin’s Current Market Position
Bitcoin is now trading under the $98,000 mark while the price is under the key $99,000 level and below the 100-hour simple moving average. As the price experiences a decline in its upward slope, the next question that needs to be answered is whether the price will stabilize and flatten out or continue to fall further. The further technical resistance is located at $100,000, with $102,500 being the other level of resistance, and the immediate support level is found at $96,500.
Traders are cautious as the market turns bearish, anticipating an opportunity in case the prices rise due to a support level of $100,000 for Bitcoin. Therefore, it might increase and approach the old high of $106,012 in the case of BTC. In contrast, if the Bulls fail to continue the upward and penetrate the aforementioned barriers, further drop-down may push Bitcoin to a new low of around $93,750.
Price Indicators and Market Sentiment
Other technical assessments reveal further bearishness expected in the market as demonstrated by multiple technical factors. The Relative Strength Index measure on the daily chart has declined to 44 which is relative negative since it is removed from the midpoint of 50 or the neutral region. Further to this on the same chart, MACD line has given a bearish crossover, which means that the price of Bitcoin is likely to experience further downward price fluctuations.
Crypto Fear & Greed Index
Another popular tool that measures the attitude of the market is the Crypto Fear & Greed Index, which has also changed drastically. On February 5 it showed one of the least sympathy scores of 54 which could be termed “Neutral”, down from 72 of “Greed” of the previous day. This declined trend or the sharp drop in the sentiment may be taken to mean that the investors are getting a bit more circumspect, waiting for more signals in order to make further trades.
Source: Fear & Greed Index
Potential for a Bitcoin Recovery
However, present conditions and future development indicate that Bitcoin may have a shot at recovery. If it manages to stay above the $100,000 mark, it may open the door for another run. In that case, the BTC price will push the $102,500 level and may even touch the recent high of $106,012. However, for now, short-term attention is spared to the major support and resistance levels that would define the further course of Bitcoin prices.
Market Outlook and Possible Scenarios
Bitcoin’s future directly hinges on how it would be able to penetrate certain levels of resistance. If a new high above $99k is penetrated, it will open the door for a recovery attempt towards $100k or above. On the downside, supports are foreseeable at around $ 96,500 as well at $ 95.500 in case prices continue to decline. The result of this fight will probably be determinative of what shape Bitcoin is headed in the next few days.
Conclusion
Currently, Bitcoin price is near important resistance and support levels, which means the cryptocurrency is at an interesting intersection in its price dynamics. The subsequent days are important for BTC’s price movement as a breakout above $99k level may indicate an upward movement. Nonetheless, if such sentiment unfolds, bearish patterns may see more significant hits toward BTC. The bulls are keenly observing how the current support levels are going to be found and whether the Bitcoin is going to make a successful attempt to bounce back.
The BIT Journal is available around the clock, providing you with updated information about the state of the crypto world. Follow us on Twitter and LinkedIn, and join our Telegram channel.
Frequently Asked Questions (FAQ)
What are Bitcoin’s current resistance levels?
Bitcoin’s immediate resistance levels are at $98,000 and $99,000. The next major resistance is near the $100,000 level.
What are Bitcoin’s key support levels?
The key support levels for Bitcoin are located at $96,500, $95,500, and $93,750.
What is the current market sentiment for Bitcoin?
As of February 5, the Crypto Fear & Greed Index indicates a neutral market sentiment with a score of 54, down from a greed score of 72 the previous day.
Is there still a chance for Bitcoin to recover?
Bitcoin could bounce back if it stabilizes above $100,000, with potential for higher gains.
Appendix Glossary of Key Terms
Relative Strength Index (RSI): A technical indicator used to measure the magnitude of recent price changes to evaluate overbought or oversold conditions.
Moving Average Convergence Divergence (MACD): A trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.
Crypto Fear & Greed Index: A tool used to gauge the general market sentiment by measuring aspects like volatility, market momentum, social media sentiment, and surveys.
References
BTC/USD Price Analysis and Chart: newbtc.com
TradingView: tradingview.com
CoinMarketCap: coinmarkecap.com
Fear & Greed Index: alternative.me
Binance News
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Bitcoin(BTC) Surpasses 98,000 USDT with a 1.14% Increase in 24 Hours
On Jan 03, 2025, 16:23 PM(UTC). According to Binance Market Data, Bitcoin has crossed the 98,000 USDT benchmark and is now trading at 98,060 USDT, with a narrowed 1.14% increase in 24 hours.
Binance Announcement
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Binance Earn: Earn a reward in the form of an APR of 20% for fixed-term products for CATI
This is a general announcement. The products and services described here may not be available in your region.
Dear Binance community members,
To celebrate the arrival of the New Year, [Binance Simple Earn](https://app.%suffixOrigin%/%locale%/earn/simple-earn?_dp=L3dlYnZpZXcvd2Vidmlldz90eXBlPWRlZmF1bHQmbmVlZExvZ2luPWZhbHNlJnVybD1hSFIwY0hNNkx5OTNkM2N1WW1sdVlXNWpaUzVqYjIwdlpXNHZaV0Z5Ymk5emFXMXdiR1V0WldGeWJn) launches a promotion for fixed-term products for Catizen (CATI). During the promotion, users who subscribe to Simple Earn fixed-term products for CATI will be able to receive exclusive rewards in the form of an APR of 20%*.
Dear Binance community members,
To celebrate the arrival of the New Year, [Binance Simple Earn](https://app.%suffixOrigin%/%locale%/earn/simple-earn?_dp=L3dlYnZpZXcvd2Vidmlldz90eXBlPWRlZmF1bHQmbmVlZExvZ2luPWZhbHNlJnVybD1hSFIwY0hNNkx5OTNkM2N1WW1sdVlXNWpaUzVqYjIwdlpXNHZaV0Z5Ymk5emFXMXdiR1V0WldGeWJn) launches a promotion for fixed-term products for Catizen (CATI). During the promotion, users who subscribe to Simple Earn fixed-term products for CATI will be able to receive exclusive rewards in the form of an APR of 20%*.
Binance News
--
Binance to Support Dash (DASH) Network Upgrade and Hard Fork
Binance has confirmed its full support for the upcoming Dash (DASH) network upgrade and hard fork. To ensure a seamless transition and optimal user experience, Binance will temporarily suspend DASH deposits and withdrawals starting on January 7, 2025, at 11:00 (UTC).Timeline of EventsNetwork Upgrade and Hard Fork Block Height: 2,201,472Estimated Date: January 7, 2025 (UTC)Deposits and withdrawals will be automatically reinstated once the upgrade is verified to be stable. Trading of DASH will not be impacted during this period.
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en|#BTC94KShowdown
Top Gainers of the Day 💯 💫
1. $MAGIC
/USDT (5x leverage)
Entry: $0.5311
Exit: Consider exiting or taking profits if price reaches the $0.58–$0.60 range for a 10–15% gain.
Target: $0.60–$0.65, considering recent momentum.
Pro Tip: Watch for price action around $0.55–$0.58. If the price stalls or forms a bearish pattern, consider exiting or trailing stops to lock in profits.
2. $AGLD
/USDT (5x leverage)
Entry: $2.9
Exit: Take profits if price approaches the $3.30–$3.50 level.
Target: $3.50–$3.75, based on recent bullish behavior and possible continuation.
Pro Tip: Watch for momentum shifts. If the price breaks below the $2.80 mark, consider adjusting your stop loss to minimize potential losses.
3. $DEXE
/USDT (5x leverage)
Entry: $19.38
Exit: Exit if price reaches $22–$23, aiming for a 10–15% gain.
Target: $23–$25, as recent gains suggest potential for continued upward movement.
Pro Tip: Look for bullish signals like higher highs or breakout patterns. If the price falls below $18, consider locking in profits or tightening your stop to reduce risk.
General Pro Tip for Leveraged Trading:
Always use a trailing stop loss to lock in profits as the price rises. For leveraged positions, this is especially important to avoid giving back your gains in case of a reversal.
#BIOOnBinance #USJoblessClaimsDrop #Binance250Million #USStateBuysBTC #XRPBackInTop3
1. $MAGIC
/USDT (5x leverage)
Entry: $0.5311
Exit: Consider exiting or taking profits if price reaches the $0.58–$0.60 range for a 10–15% gain.
Target: $0.60–$0.65, considering recent momentum.
Pro Tip: Watch for price action around $0.55–$0.58. If the price stalls or forms a bearish pattern, consider exiting or trailing stops to lock in profits.
2. $AGLD
/USDT (5x leverage)
Entry: $2.9
Exit: Take profits if price approaches the $3.30–$3.50 level.
Target: $3.50–$3.75, based on recent bullish behavior and possible continuation.
Pro Tip: Watch for momentum shifts. If the price breaks below the $2.80 mark, consider adjusting your stop loss to minimize potential losses.
3. $DEXE
/USDT (5x leverage)
Entry: $19.38
Exit: Exit if price reaches $22–$23, aiming for a 10–15% gain.
Target: $23–$25, as recent gains suggest potential for continued upward movement.
Pro Tip: Look for bullish signals like higher highs or breakout patterns. If the price falls below $18, consider locking in profits or tightening your stop to reduce risk.
General Pro Tip for Leveraged Trading:
Always use a trailing stop loss to lock in profits as the price rises. For leveraged positions, this is especially important to avoid giving back your gains in case of a reversal.
#BIOOnBinance #USJoblessClaimsDrop #Binance250Million #USStateBuysBTC #XRPBackInTop3
$JTO /USDT, here’s a technical analysis with three target levels and the trade momentum:
Technical Analysis:
Current Price: $2.991
24h High: $3.301
24h Low: $2.990
Trend: Bearish (currently experiencing a downtrend with a 6.968% drop)
Support Level: $2.990 (near the 24h low)
Resistance Level: $3.301 (24h high)
Target Levels (🎯):
1. Target 1: $3.05 (Short-term resistance level)
Price is attempting to recover after hitting a local low of $2.99. A bounce back to $3.05 could be the first target if there is a mild retracement.
2. Target 2: $3.15 (Intermediate resistance)
The price could face resistance around this level as the market sentiment adjusts. A clear breakout above this level could indicate a stronger upward trend.
3. Target 3: $3.30 (Preceding 24h High)
If the price pushes past $3.15, it could test the $3.30 level, aligning with the previous high and confirming a continuation of the uptrend.
Trade Momentum:
Bearish Momentum: Currently, the market is showing bearish signals, with a 6.968% decline in the last period. The depth indicator also shows a negative value (-3.255%), suggesting that selling pressure is dominant.
Possible Reversal: Look for signs of a potential reversal at the support level of $2.99. If the price stays above $2.99 and shows signs of consolidating, a short-term upward momentum could be expected.
Trading Signal:
Buy Entry: If price holds above the $2.99 support and shows signs of a bounce back, enter a long position with a stop loss just below $2.90 (to protect from further downside risk).
Take Profit: Target take-profit levels at $3.05, $3.15, and $3.30 for a tiered exit strategy.
Stop Loss: Set a stop loss below $2.90 to protect from larger downside moves.
Note: Always consider the overall market sentiment and risk management strategies when trading. Adjust your positions if the momentum shifts significantly.
#USJoblessClaimsDrop #BinanceAlphaAlert #BIOOnBinance #XRPBackInTop3
Technical Analysis:
Current Price: $2.991
24h High: $3.301
24h Low: $2.990
Trend: Bearish (currently experiencing a downtrend with a 6.968% drop)
Support Level: $2.990 (near the 24h low)
Resistance Level: $3.301 (24h high)
Target Levels (🎯):
1. Target 1: $3.05 (Short-term resistance level)
Price is attempting to recover after hitting a local low of $2.99. A bounce back to $3.05 could be the first target if there is a mild retracement.
2. Target 2: $3.15 (Intermediate resistance)
The price could face resistance around this level as the market sentiment adjusts. A clear breakout above this level could indicate a stronger upward trend.
3. Target 3: $3.30 (Preceding 24h High)
If the price pushes past $3.15, it could test the $3.30 level, aligning with the previous high and confirming a continuation of the uptrend.
Trade Momentum:
Bearish Momentum: Currently, the market is showing bearish signals, with a 6.968% decline in the last period. The depth indicator also shows a negative value (-3.255%), suggesting that selling pressure is dominant.
Possible Reversal: Look for signs of a potential reversal at the support level of $2.99. If the price stays above $2.99 and shows signs of consolidating, a short-term upward momentum could be expected.
Trading Signal:
Buy Entry: If price holds above the $2.99 support and shows signs of a bounce back, enter a long position with a stop loss just below $2.90 (to protect from further downside risk).
Take Profit: Target take-profit levels at $3.05, $3.15, and $3.30 for a tiered exit strategy.
Stop Loss: Set a stop loss below $2.90 to protect from larger downside moves.
Note: Always consider the overall market sentiment and risk management strategies when trading. Adjust your positions if the momentum shifts significantly.
#USJoblessClaimsDrop #BinanceAlphaAlert #BIOOnBinance #XRPBackInTop3
Binance Square Official
--
Predict BTC Price & Win up to $300 USDC!
With the new year approaching, where do you think Bitcoin will go next?
Drop your prediction for this week's $BTC closing price in the comments of this post 👇
🎁The top 3 closest predictions will win 300 USDC, 150 USDC, and 50 USDC. Jump in and share your prediction now!
*Campaign Period: 2024-12-30 07:00 to 2025-01-05 20:00 (UTC)
‼️Ensure you have updated your app to at least version 2.92. Also, make sure the "Also Repost" box is checked when replying to be eligible for entry.
Terms and Conditions:
This campaign may not be available in your region. Eligible users must be logged in to their verified Binance accounts whilst completing tasks during the campaign period eriod. Ensure the "Also Repost" box is checked when replying, or your comment won't count as a valid entry.To ensure fairness, entries closed at 2025-01-05 20:00 UTC. The campaign's outcome will be based on the BTCUSDT price at 2025-01-05 23:59:59 UTC.If users made multiple comments, only the first comment will be considered as an eligible entry. Deleted comments are not eligible for rewards.In case of identical predictions, the earliest comment will be prioritized.Winners will be announced in the comments section of this post within 7 working days after the campaign ends and notified via a push notification under Creator Center > Square Assistant. Rewards will be distributed in the form of token vouchers to eligible users within 14 working days after the Activity ends. Users will be able to log in and redeem their voucher rewards via Profile > Rewards Hub. Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelines or Terms and Conditions.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this activity, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right of final interpretation of this activity.Where any discrepancy arises between the translated versions of this post and the original English version, the English version of this post shall prevail.Additional promotion terms and conditions can be accessed here.
Drop your prediction for this week's $BTC closing price in the comments of this post 👇
🎁The top 3 closest predictions will win 300 USDC, 150 USDC, and 50 USDC. Jump in and share your prediction now!
*Campaign Period: 2024-12-30 07:00 to 2025-01-05 20:00 (UTC)
‼️Ensure you have updated your app to at least version 2.92. Also, make sure the "Also Repost" box is checked when replying to be eligible for entry.
Terms and Conditions:
This campaign may not be available in your region. Eligible users must be logged in to their verified Binance accounts whilst completing tasks during the campaign period eriod. Ensure the "Also Repost" box is checked when replying, or your comment won't count as a valid entry.To ensure fairness, entries closed at 2025-01-05 20:00 UTC. The campaign's outcome will be based on the BTCUSDT price at 2025-01-05 23:59:59 UTC.If users made multiple comments, only the first comment will be considered as an eligible entry. Deleted comments are not eligible for rewards.In case of identical predictions, the earliest comment will be prioritized.Winners will be announced in the comments section of this post within 7 working days after the campaign ends and notified via a push notification under Creator Center > Square Assistant. Rewards will be distributed in the form of token vouchers to eligible users within 14 working days after the Activity ends. Users will be able to log in and redeem their voucher rewards via Profile > Rewards Hub. Illegally bulk registered accounts or sub-accounts shall not be eligible to participate or receive any rewards. Binance reserves the right to disqualify any account acting against the Binance Square Community Guidelines or Terms and Conditions.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this activity, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all participants shall be bound by these amendments.Binance reserves the right of final interpretation of this activity.Where any discrepancy arises between the translated versions of this post and the original English version, the English version of this post shall prevail.Additional promotion terms and conditions can be accessed here.
See original
en|#BTC94KShowdown
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See original
en|#BTC94KShowdown
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#BtcNewHolder $BTC
Proekt_73
--
Let's get back to work and, of course, start with BTC. The asset has returned to a sustainable uptrend on the 4-hour timeframe.
Let's get back to work, friends, and of course, we'll start with BTC. Briefly for those who are too lazy during the holidays - we expect a correction tomorrow and possibly the day after, but not significant. And afterwards, the continuation of growth.
Today's day was marked by the asset's return to a sustainable uptrend on the 4-hour timeframe.
Today's day was marked by the asset's return to a sustainable uptrend on the 4-hour timeframe.
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