BTC/USD trading activity January 13th, 2025
Bitcoin traded below $90,000 for the first time in more than 3 weeks and below it's 50-day monthly EMA around $93,000. Opportunistic bulls more than likely added to their holdings in this range while short term bears and momentum traders cover their shorts to lock in profits. For those looking for an entry point, this may be a solid opportunity to wade into the market.
If you take a look at the daily Coinbase chart for January 13th 2025, you'll see a long wick rising from the lows of the day below 90,000 to nearly turn positive for the day. Similar action occurred during the two days prior possibly indicating the formation of a triple bottom.
The 6-hour chart below shows the rise from the lows on heavy volume with nearly twice the amount trading hands compared to the prior 6 hour window.
Over the next 24 to 48 hours, the price should continue to rise to at least test $95-$96K and may rapidly accelerate back over $100K and on to new all-time highs. This article is not to be construed as financial advice. Please perform your own due diligence and consult your financial advisor with any questions you may have.
