Daily Trading Analysis: A Detailed Breakdown of Market Momentum BTC - 10th FEB 2025
Market Overview
Bitcoin (BTC) continues its volatile journey, displaying key price movements over the past 24 hours. Yesterday's early morning session saw BTC pushing strongly to $98.1K, followed by a retracement to $97K—a critical support zone reinforced by the 50 and 200 EMA crossover. Despite the pullback, BTC maintained bullish momentum, particularly during the New York session, which showcased clear signs of buyer strength.
Intraday Price Action & Key Levels
30-Minute Chart Analysis
Key Observations:
BTC found strong support at $97.2K, aligning with both the 50 and 200 EMA levels, creating a golden cross—a historically bullish signal.
The NY session saw price rejection off the 50 EMA, suggesting buyers were actively defending this level.
Price action during the Asian session confirmed a bullish structure, with BTC forming higher highs and higher lows, ultimately facing resistance at $98.4K.
RSI hovered around 64.47, indicating momentum was still in the bulls' favor without being overextended.
Volume remained lower than the 20 MA, signaling caution among major market participants, likely in anticipation of upcoming news events.
Daily Chart Perspective
Key Observations:
The daily candle reflected indecisiveness, with BTC rejecting the 50 EMA at $98.3K while simultaneously bouncing from the key $96K support level.
BTC respected the ascending trendline, indicating traders are still acknowledging its validity.
Low volume levels suggest institutions and whales might be waiting for macroeconomic triggers before executing major trades.
The recent bullish divergence in RSI hints at potential continuation if resistance at $98.4K is broken.
Trading Outlook: What to Watch Next
Bullish Scenario:
If BTC successfully breaks and holds above $98.4K, it could pave the way for a test of the psychological $100K level.
Beyond $100K, the next major resistance zones lie at $106K and $112K.
Bearish Scenario:
A rejection at $98.4K could trigger a pullback toward $97.2K or even $96K, which remains a key structural support.
A breakdown below $96K would open the door to a potential revisit of the $94K–$92K demand zone.
Final Thoughts
Bitcoin’s current consolidation phase suggests market participants are exercising caution due to impending news catalysts. The bullish structure remains intact, with buyers defending key levels. However, volume remains a crucial missing piece, and traders should watch for increased activity as a potential sign of the next major move.
Will Bitcoin make another attempt at the $100K milestone, or will sellers take control and push it lower? Stay tuned for further updates as we track price action and market sentiment in real time.
