Bitcoin Slips: Buy the Lows or Ride the Sell-Off?
Following an extended expanding consolidation from Dec 2024 – Jan 2025, bearish pressure intensified after a downside breakout, increasing the probability of a double-top formation at 108,360 – 109,350. This raises concerns about a potential drop towards the previous major support-turned-resistance zone at 72,000 – 74,000.
🔹 Momentum Check: The RSI has hit oversold levels last seen in Aug 2024, when BTCUSD found a bottom before rallying past 100K.
🔸 Bullish Scenario: If BTCUSD holds above 82,000, upside targets include 86,500, 93,000, and potentially a retest of 109,000.
🔻 Bearish Scenario: A close below 82,000 could accelerate declines toward 79,500 & 72,000, aligning with the 50% & 61.8% Fibonacci retracement of the Aug 2024 – Jan 2025 uptrend.
- Razan Hilal, CMT
🔹 Momentum Check: The RSI has hit oversold levels last seen in Aug 2024, when BTCUSD found a bottom before rallying past 100K.
🔸 Bullish Scenario: If BTCUSD holds above 82,000, upside targets include 86,500, 93,000, and potentially a retest of 109,000.
🔻 Bearish Scenario: A close below 82,000 could accelerate declines toward 79,500 & 72,000, aligning with the 50% & 61.8% Fibonacci retracement of the Aug 2024 – Jan 2025 uptrend.
- Razan Hilal, CMT
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