Bitcoin bulls and bears face off, key support levels are tested
2025-02-01
Category: None



Currently, the daily chart of Bitcoin (BTC/USDT) shows that the market is in an important technical situation. After several rebounds, the price is currently hovering around $102,000 and showing some downward pressure.

Trend analysis
From the chart, we can see that the price of Bitcoin is being affected by two major trend lines: one is a downward trend line formed by connecting recent highs, and the other is a horizontal support line at about $91,361. The price has tried to break through the resistance area of ​​$107,813 several times and failed, and formed a recent high near $102,743.

Key support and resistance
Resistance: The upper resistance level is $107,813. If this area is broken, further upside space may be opened.
Support: The current support levels are $97,153 and $95,828. Once broken, it may further drop to $91,361.
Pattern and Target
A typical descending wedge pattern is formed in the chart, accompanied by a potential head and shoulders top structure. In the short term, if the price fails to hold the $95,828 support, it may trigger a deeper correction to the $91,361 area, which will be a key defensive point for buyers.

Trading suggestions
Long strategy: If the price can effectively break through the $107,813 resistance and stand firm, you can consider long orders, with a target of $110,000 and above.
Short strategy: If the price continues to be under pressure from the falling wedge pattern, you can consider short orders. Participating points are in the 103000-104500 area. Stop loss breaks through 108000 as the stop loss basis. Downward focus on 100000, 97153, 95828.
Conclusion
Currently, the Bitcoin market is facing a strong long-short tug-of-war. Traders need to pay close attention to breakthroughs in support and resistance areas and combine volume and other technical indicators to make more accurate judgments.