Bitcoin (BTC) has seen little price fluctuation this Wednesday (25), having risen just 0.2% on the day. Will the day continue to be lukewarm for the cryptocurrency?

Despite the low volatility, BTC remains above US$63,000. With this, the psychological zone of US$60,000, which acted as resistance for much of the month, now seems definitively established as support.

Check out below what technical analysis has to say about the asset's future trend.

Bitcoin in bearish part of channel

Bitcoin continues to trade within a descending parallel channel. It is worth noting that this pattern has been in place since September 6, when the asset formed a bottom at $52,500.

Since the Fed announced a US interest rate cut on the 18th, the asset has been trading at the top of the chart pattern. However, that changed today after BTC formed a lower high than the previous one at $64.8K.

Bitcoin (BTC) Chart on TradingView

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Price forecast

To indicate the most likely future scenarios for the rest of the day, it is necessary to analyze some technical indicators on shorter time frames. More specifically, the Relative Strength Index (RSI) and the exponential moving averages (EMAs) on the 2-hour chart.

On this timeframe, BTC is struggling to hold the 21-period EMA (orange) as support. If this does not happen, the cryptocurrency's price is likely to test the channel's support line, currently at $62.3K.

The RSI supports this scenario as the indicator is falling. However, it is still above the neutral line of 50, which shows that the current momentum is still with the buyers.

Bitcoin (BTC) Chart on TradingView

Therefore, if BTC bounces above the 9-period EMA (blue), its price could retest the channel's resistance line at $67,000.

The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.