Bitcoin Falls Again After Reaching A High Of $100,000

The price of Bitcoin (BTC) has rebounded after falling to $95,678. BTC price analysis on February 8, 2025 by Coinidol.com.

BTC price long-term prediction: bearish

The bullish momentum is approaching the 21-day SMA after breaking above the 50-day SMA. Bitcoin will reach the historical highs of $104,000 and $108,000 if it breaks above the moving average lines. 

However, if Bitcoin is rejected at the recent high, it will fall into the downtrend zone. Bitcoin will trade below the moving average lines but above the $95,000 support. 

Today, after retesting the psychological price level of $100,000, the Bitcoin price has fallen back to the low of $98,868.

BTC price indicator analysis 

Bitcoin price is currently below the moving average lines after making a false break above the 50-day SMA but was unable to move higher. After the false breakout, the Bitcoin price is stuck between the moving average lines on the 4-hour chart.

Technical indicators

Key supply zones: $108,000, $109,000, $110,000

Key demand zones: $90,000, $80,000, $70,000

What is the next step for Bitcoin?

Bitcoin has been trading above the $95,000 support and below the moving average lines since February 3. The bullish momentum on the 4-hour chart broke above the moving average lines and was rejected at the $100,000 high. 

According to the price analysis by Coinido.com, currently, Bitcoin price is above the 21-day SMA but below the 50-day SMA. BTC will turn into a trend if one of the moving average lines is broken.

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their research before investing in funds.