Why is Bitcoin Up Today? Will BTC Price Hit Surge Above $100K ?

Share This Post

The post Why is Bitcoin Up Today? Will BTC Price Hit Surge Above $100K ? appeared first on Coinpedia Fintech News

Bitcoin (BTC) price has rebounded around 6.9 percent since the calendar flipped to 2025 last week to retest a crucial resistance level of around $99.3k on Monday, January 6, during the early New York session. As a result, the fear of a potential Bitcoin price drop below $90k has significantly declined.

Moreover, Bitcoin’s fear and greed index has surged to 76 percent, which represents extreme greed from investors. However, the mentions of  Bitcoin price to $110k remains lower compared to two weeks ago, suggesting the crowd is eerily quiet awaiting clear signs.

Bitcoin Price Expectations 

Despite the notable rebound in the recent past, Bitcoin price, in the daily time frame, has been forming a potential midterm reversal pattern. Furthermore, the flagship coin has formed a potential head and shoulder (H&S) pattern coupled with a bearish divergence on the daily Relative Strength Index (RSI).

However, Bitcoin price has consistently closed above the 50-day Moving Average (MA), signaling the bulls are gradually gaining ground. Amid the low bullish sentiment from the crowd, a potential surprise rally could push Bitcoin price beyond $100k soon.

In such a situation, Bitcoin price must consistently close above the resistance level of around $99.3k to kickstart the next parabolic phase.

Fundamental Outlook

Ahead of Donald Trump’s inauguration for the second term, the cryptocurrency industry is gradually gaining bullish momentum. The total BTC Futures Open Interest (OI) surged by over 13 percent in the last 24 hours to hover about $63.3 billion at the time of this writing.

With the ongoing decline in Bitcoin’s supply on centralized exchanges to about 2.21 million, it is safe to assume that the BTC macro bull rally is not over yet.

Never Miss a Beat in the Crypto World!

Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQs

How does Bitcoin’s Fear and Greed Index affect its price?

The Fear and Greed Index at 76% signals extreme greed, often indicating high investor optimism, which can drive Bitcoin prices higher.

Is Bitcoin price going to break $100k soon?

Bitcoin’s price could break $100k if it consistently closes above $99.3k, despite current bearish divergence in the RSI and H&S pattern.

Why is Bitcoin’s supply on exchanges decreasing?

Bitcoin’s supply on centralized exchanges has dropped to 2.21 million, reflecting a long-term bullish outlook due to reduced selling pressure.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

PEPE Price Prediction for January 9, Whale Sells 427 Billion Coins

The post PEPE Price Prediction for January 9, Whale Sells 427 Billion Coins appeared first on Coinpedia Fintech News Pepe (PEPE), the popular third-largest crypto meme coin, is poised for a massive

PEPE Price Prediction for January 9, Whale Sells 427 Billion Coins

The post PEPE Price Prediction for January 9, Whale Sells 427 Billion Coins appeared first on Coinpedia Fintech News Pepe (PEPE), the popular third-largest crypto meme coin, is poised for a massive

Rising USDT Dominance Marks Bitcoin & Altcoin Buy Opportunity: Crypto Rover

The post Rising USDT Dominance Marks Bitcoin & Altcoin Buy Opportunity: Crypto Rover appeared first on Coinpedia Fintech News In a latest development, cryptocurrency analyst Crypto Rover has

Rising USDT Dominance Marks Bitcoin & Altcoin Buy Opportunity: Crypto Rover

The post Rising USDT Dominance Marks Bitcoin & Altcoin Buy Opportunity: Crypto Rover appeared first on Coinpedia Fintech News In a latest development, cryptocurrency analyst Crypto Rover has

Trump-inspired digital cards debut on Bitcoin via Ordinals

The non-fungible token (NFT) collection backed by President-elect Donald Trump launched its first 160 items, the “Trump Bitcoin Digital Trading Cards,” on Bitcoin (BTC) using the Ordinals

Bitcoin Eyes Potential Rebound To $98,600, But Analyst Suggests Caution

The market’s New Year rebound turned into a start-of-year retrace after Bitcoin (BTC) dropped from the recently reclaimed $100,000 support into the $94,000 territory Amid the drop, an analyst