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Bitcoin Consolidates After Pullback: Will $91,000 Support Hold?

Irene Mukiri by Irene Mukiri
January 10, 2025
in Market News, Price Analysis
Reading Time: 3 mins read
Bitcoin Consolidates After Pullback Will $91,000 Support Hold
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  • Bitcoin consolidates near $94,903, eyeing $91,000 support to sustain bullish momentum.
  • Momentum indicators hint at mixed signals, with RSI leaning oversold near key levels.
  • Critical resistance at $95,000 and $100,000 defines Bitcoin’s near-term upward potential.

Bitcoin’s price has shown remarkable resilience, navigating a volatile market and testing critical support and resistance levels. Analysts suggest that the cryptocurrency is consolidating within a defined range, reflecting both bullish and bearish sentiments. With key levels in focus, traders and investors are closely monitoring the next potential move for the world’s largest cryptocurrency.

Recent Price Movements and Key Trends

Bitcoin is trading at $94,903.07, marking a 1.34% increase over the past 24 hours, with a trading volume of $59.6 billion. The cryptocurrency has been in an overall uptrend since the last mid-year, consistently forming higher highs and higher lows. 

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However, a pullback near the $100,000 mark has introduced a consolidation phase. Michaël van de Poppe notes Bitcoin’s recovery after sweeping liquidity below the lows, suggesting potential upward momentum if economic data, such as unemployment figures, remain neutral or slightly positive.

#Bitcoin did take the liquidity beneath the lows and bounced back up.

Back in the range!

If unemployment isn't extremely positive, then I assume we'll see Bitcoin trending upwards again. pic.twitter.com/JWGhC1wFGB

— Michaël van de Poppe (@CryptoMichNL) January 10, 2025

Critical Support and Resistance Levels

Bitcoin’s immediate support lies at $91,000, which aligns with the lower boundary of its consolidation range. Rekt Capital emphasizes the significance of this level, stating that holding it could prevent deeper corrections. 

The next major support levels are $80,000 and $70,000, both previously acting as resistance zones during earlier rallies. Conversely, the key resistance levels include $95,000 and the psychological milestone of $100,000, with $105,000 as a potential target based on Fibonacci extensions.

#BTC

Bitcoin has experienced a picture-perfect rebound from the ~$91000 Range Low support

It's a successful retest thus far, which means price will continue to occupy this $91000-$101000 range until further notice$BTC #Crypto #Bitcoin https://t.co/v1mnpL9IOQ pic.twitter.com/Pd709KsbnM

— Rekt Capital (@rektcapital) January 10, 2025

Indicator Insights: Momentum and Trends

Momentum indicators reflect a mixed outlook. The Relative Strength Index (RSI) currently stands at 46.69, indicating neutral momentum but leaning towards oversold conditions. 

BTC/USD daily price chart, Source: Trading view

Historical RSI trends suggest strong buying opportunities emerge when the indicator dips below 30. The Moving Average Convergence Divergence (MACD) shows bearish momentum, with the MACD line crossing below the signal line. However, diminishing bearish pressure on the histogram suggests a potential reversal is on the horizon.

Tags: Bitcoin (BTC) NewsPrice Analysis

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