10.01.202514:59 Forex Analysis & Reviews: Trading Signals for BITCOIN (BTC/USD) for January 10-12, 2025: sell below $96,200 (21 SMA - 7/8 Murray)

Relevance up to 07:00 2025-01-24 UTC--5

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Early in the American session, Bitcoin was trading around $94,839, below the 21 SMA, and below the 200 EMA with a bearish bias which we believe could resume in the next few days.

If Bitcoin falls below 7/8 Murray located at $93,750, we could expect it to continue losing value and could reach the bottom of the downtrend channel around 6/8 Murray located at $87,500.

On the other hand, in case Bitcoin finds an opportunity to consolidate above $96,200, it is likely to reach the psychological level of $100,000 again. This area could be seen as a point to sell since it is technically located within a downtrend channel.

Beyond $102,500, Bitcoin could regain its bullish bias and we could expect it to reach +1/8 Murray at $106,250 and eventually reach +2/8 Murray at $112,500.

The short-term outlook remains negative for Bitcoin as we believe Bitcoin could reach $80,000 and even reach $75,000 that in the coming days.

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