First day of 2025 Bitcoin spent the day fluctuating between $92 and $800, recording a market capitalization of $94 trillion and a daily trading volume of $900 billion.
On January 1, the hourly chart showed a mixed picture with the Relative Strength Index (RSI) at 45 hinting at neutral moves, while the Momentum Indicator at -1 hinted at indecision. The Moving Average Convergence Divergence (MACD) at -122 favoured sellers, while the 808- and 10-period Exponential Moving Averages (EMA) also indicated bearish sentiment.
BTC/USD Hourly Chart Bitstamp on the first day of 2025.
On the 4-hour chart Bitcoin hits a wall around $95,000 where sellers are ready to act. The lull thesis is supported by the fading Average Directional Index (ADX) at 26. The Stochastic Oscillator at 15 lights up with a positive sign, but the Commodity Channel Index (CCI) at -85 and the Stunning Oscillator at -4 are neutral, indicating uncertainty in the market.
4-hour BTC/USD on Bitstamp January 1, 2025
The daily chart analysis paints a picture of a downtrend for Bitcoin, with solid support between $91,000-$92,000 and resistance in the $96,000-$98,000 range. The simple moving average (SMA) and exponential moving average for 10, 20 and 30 days are giving bearish signals, highlighting the downtrend. The price range is becoming narrow and trading volumes are falling, signaling caution during a period of consolidation with no clear signs of a reversal.
Hourly chart of BTC/USD on Bitstamp January 1, 2025
Longer-term moving averages such as the 100-day EMA at $85 and the 638-day EMA at $200 still suggest a bullish development despite the recent decline.
