{"id":2346,"date":"2025-01-05T19:13:07","date_gmt":"2025-01-05T19:13:07","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/analyst-identifies-bitcoin-key-support-levels-amid-rebound-challenge-details\/"},"modified":"2025-01-05T19:13:07","modified_gmt":"2025-01-05T19:13:07","slug":"analyst-identifies-bitcoin-key-support-levels-amid-rebound-challenge-details","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/analyst-identifies-bitcoin-key-support-levels-amid-rebound-challenge-details\/","title":{"rendered":"Analyst Identifies Bitcoin Key Support Levels Amid Rebound Challenge \u2013 Details"},"content":{"rendered":"

The price of Bitcoin has shown no significant movement in the past day following a price rebound at the start of January 2025. Currently trading near $98,000, speculation is mounting about whether Bitcoin has exited its correction phase, with high expectations of an impending bull market.\n<\/p>\n

Strong Bitcoin Support Zone Emerges Between $95,090-$96,531<\/strong><\/h2>\n

In an X post<\/a> on January 4, digital asset analysis platform More Crypto Online shared an insight on the present state of the Bitcoin market.\u00a0<\/p>\n

With the application of the Elliott Wave Theory, these analysts deduced that Bitcoin\u2019s price may have developed a potential 5-wave pattern which can be indicative of a bullish movement.\u00a0For context, the Elliott Wave Theory works on the basis that financial markets move in predictable patterns due to investor psychology and natural market rhythms.\u00a0<\/p>\n

The 5-wave pattern also known as the impulsive wave pattern generally moves in the direction of the larger trend.\u00a0With Bitcoin still in a bullish shape despite recent corrections, the completion of the 5-wave pattern to the upward direction indicates a strong price rally i.e. BTC is out of correction with a focus on new highs.\u00a0<\/p>\n

However, in order to solidify this notion of impending new all-time highs, Bitcoin must break above the December 26th price peak of $99,900 which represents a major resistance level.\u00a0 In the advent of any rejections\/retracements amidst this bullish charge, the crypto analysts at More Crypto Online have pinpointed a significant support zone between $95,090 – $96,531 capable of acting as a cushion for retest.<\/p>\n

Albeit, if there is an overwhelming selling pressure, Bitcoin could slide as low as $92,950 representing a potential 5.5% fall from its current market price.<\/p>\n

\"Bitcoin\"<\/p>\n

BTC Price Overview\u00a0<\/strong><\/h2>\n

At the time of writing, Bitcoin is trading at $97,227 reflecting a 0.21% gain in the past 24 hours. Meanwhile, the asset\u2019s daily trading volume has dipped by 17.25% and is valued at $30.03 billion. Bitcoin has also risen 3.57% over the past week but remains down 3.79% for the month. The premier cryptocurrency remains one of the best-performing coins in the last year having a profit of 121.32% in this timeframe.<\/p>\n

According to data from Coincodex<\/a>, sentiments in the BTC remain bullish with the Fear & Greed Index now at 73 reflecting an \u201calmost\u201d extreme greed among investors. With the crypto bull market set to take off with the potential of a pro-crypto US government on the horizon, the analysts at Coincodex predict Bitcoin to reach $132,775 in the first quarter of 2025, and rise as high as $172,192 by June.<\/p>\n

\"Bitcoin\"<\/p>\n

Featured image from Finbold, chart from Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin has shown no significant movement in the past day following a price rebound at the start of January 2025. Currently trading near $98,000, speculation is mounting about whether Bitcoin has exited its correction phase, with high expectations of an impending bull market. Strong Bitcoin Support Zone Emerges Between $95,090-$96,531 In an…<\/p>\n","protected":false},"author":1,"featured_media":2347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[56,1179,1417,786,70,62],"class_list":["post-2346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bullish-breakout","tag-bitcoin-rebound","tag-bitcoin-support-level","tag-btcusd","tag-btcusdt"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/2346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=2346"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/2346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/2347"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=2346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=2346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=2346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}