Bitcoin Breaks $103K Barrier, MACD Signals Bullish Continuation

Coin WorldThursday, Feb 13, 2025 6:38 am ET

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Bitcoin Price Analysis: January 29, 2025 - Shatters $103,000 Psychological Resistance

On January 29, 2025, Bitcoin (BTC) demonstrated a dynamic price action, starting with an upward channel and reaching $103,000. A doji bar and a death cross in the Moving Average Convergence Divergence (MACD) indicator signaled a decline at this psychological resistance level. The price then found support at $101,600, fluctuating before a breakout at 19:40 UTC. This was confirmed by a golden cross in the MACD. Subsequently, a pullback to the 20 Exponential Moving Average (EMA) at $103,000 set the stage for an upward continuation. Following this, Bitcoin reached the top price of the day at $104,782 before a slight decline.

In-depth Bitcoin Price Analysis

The trading day commenced with Bitcoin establishing an upward trajectory, creating an ascending channel that demonstrated robust bullish momentum. This channel's upper limit and the psychological round-number effect at $103,000 worked as a critical resistance level at 8:05 UTC. A doji bar at this level, performing as a signal bar, hinted at hesitation among traders. This was quickly followed by a key bar, a full-body red candle, indicating a potential trend reversal. The ensuing downturn was characterized by a death cross on the MACD, reaffirming the onset of bearish dynamics.

After breaking the channel's lower boundary, Bitcoin's price action entered a phase of trading range. Support was found at $101,600 around midday, proving critical as the price tested this level again at 19:15 UTC. This affirmed its significance and reliability as a foundation for potential rebounds. Bitcoin’s price had a breakout from the top of the trading range at 19:40 UTC. This breakout, endorsed by a golden cross on the MACD, suggested a bullish trend.

The market responded by pulling back to the previously contested resistance, now serving as support, in concert with the 20 EMA. This alignment further bolstered the price's upward movement. Ultimately, the price ascended to a high of $1

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