- Bitcoin price appears to be facing a key resistance at $94K as inferred from recent data.
- The cryptocurrency has factored in a modest price dip of 0.35% as per CMC data.
The cryptocurrency sector had a busy weekend in the past day with several firms performing crucial actions. For instance, Mango Markets, a decentralized exchange, halted operations after it settled with the SEC. Meanwhile, an Indian crypto exchange – Mudrex paused withdrawals for security upgrades.
On the other hand, price activity seemed to have hit a slump in the past few weeks. The largest cryptocurrency, Bitcoin has seen a minor dip in price that has caused the token to revert to $94,000 suggesting a resistance blocking its progress. BTC price also briefly tested the $95K level before the aforementioned bearish action occurred.
Secondly, the past day’s cycle suggests that Bitcoin could be facing resistance at the $94,000 level which is further delaying its 2025 bull run. Meanwhile, with approaching propelling external factors such as the change in SEC administration the digital asset can be expected to alter its course. At the time of writing, BTC was trading at $94,251 as per CMC data.
Zooming out, over the past week, Bitcoin still seems to be residing on the bearish end of the track. Seven days ago, the price cycle started at the $99,000 level, tested $102K, and then fell back to current support levels after briefly dipping to a weekly low of $92,000.
Will Bitcoin Break its $94K Resistance?
On analyzing its technical indicators, Bitcoin’s bull power indicator stands at 1.32. Meanwhile, its bear power indicator value lies at a low of -4.97 as per TradingView data. This suggests a bearish market dominance in BTC price actions.
Furthermore, its RSI stands at 45.57 suggesting that the cryptocurrency is inching closer to a neutral sentiment. In order for Bitcoin to see a bull run it needs to break past $94,000 resistance. Market analyst Ali states that a crucial resistance zone for Bitcoin lies at $97,000 to $99,500.
One of the key resistance zones for #Bitcoin lies between $97,000 and $99,500, where 1.26 million addresses previously accumulated 1.22 million $BTC. Breaking through this level could be pivotal! pic.twitter.com/WMfSkDFyiE
— Ali (@ali_charts) January 12, 2025
If the cryptocurrency breaks out of the aforementioned resistance, then it might enter Ali’s predicted zone during which it might see increased activity. The other two key resistance points for Bitcoin price, in the case of a bull run, include – $95,690 and $98,745.
Meanwhile, other altcoins such as Ethereum and XRP have shown mild price drops in the past day.
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