In a significant development for the ongoing discourse surrounding the digital asset sector, US Senator Cynthia Lummis (R-WY) has raised serious allegations against the Federal Deposit Insurance Corporation (FDIC). In a letter directed to FDIC Chair Marty Gruenberg, Lummis claims whistleblowers from within the agency have reported efforts to destroy documentation related to the FDIC’s digital asset activities. The senator’s letter demands an immediate cessation of these alleged actions in anticipation of Congressional oversight. FDIC Staff Threatened Over Digital Asset Oversight Senator Lummis has positioned herself as a strong advocate for Bitcoin (BTC) and other cryptocurrencies, and her concerns about the FDIC come amid heightened scrutiny of the agency’s handling of digital assets. In her letter, she emphasizes the gravity of the allegations, stating, “The FDIC’s alleged efforts to destroy and conceal materials from the US Senate related to Operation Chokepoint 2.0 is not only unacceptable, it is illegal.” Related Reading: Top Analyst Reports Massive Breakout For XRP Price, Eyes $10 As Next Milestone For context, operation Chokepoint 2.0 refers to a controversial initiative aimed at regulating financial institutions that engage with certain “high-risk industries,” including the digital asset sector. Lummis’s correspondence outlines specific claims made by whistleblowers who allege that FDIC staff members have faced threats of legal action to discourage them from disclosing information to the Senate. She asserts that management has been closely monitoring access to documents to prevent potential leaks before any materials can be destroyed. This alleged behavior, if proven true, violates the principles of transparency that the American public deserves, the Senator stated. ‘Documentation Must Be Secured And Preserved’ In her letter, Lummis explicitly instructs Chair Gruenberg to ensure that all destruction of materials ceases immediately and that all existing documentation related to the FDIC’s digital asset activities since January 1, 2022, is preserved. The senator defines “digital asset activities” broadly, encompassing a range of topics, including the supervision and resolution of banks involved in the crypto sector—specifically Signature Bank and Silvergate Bank—as well as the development of rules and policies governing digital assets. Lummis further underscores the importance of retaining any materials containing terms associated with digital assets, such as “crypto,” “cryptocurrency,” “Bitcoin,” and “Ethereum.” Related Reading: Dogecoin Open Interest Spikes To Nearly $5 Billion – Impact On Price She makes it clear that any classification of these documents as confidential or privileged does not exempt them from the Senate’s oversight powers, insisting that the FDIC must take all necessary steps to secure and maintain the integrity of these records. The senator warns that if evidence emerges indicating that FDIC staff have knowingly destroyed materials or obstructed Senate oversight, she will not hesitate to refer the matter to the US Department of Justice (DOJ) for criminal investigation. At the time of writing, the market’s leading cryptocurrency, Bitcoin, is once again trading above the $101,000 mark, up nearly 8% on a weekly basis. Featured image from DALL-E, chart from TradingView.com
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average. There was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $100,000 support zone. Bitcoin Price Reclaims $100K Bitcoin price started a decent upward move above the $98,000 zone. BTC was able to climb above the $98,500 and $98,800 levels. The bulls were able to push the price above the key barrier at $10,000. The price even cleared $101,500. Besides, there was a break above a short-term declining channel with resistance at $99,400 on the hourly chart of the BTC/USD pair. A high was formed at $102,000 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high. Bitcoin price is now trading above $100,800 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $102,000 level. The first key resistance is near the $102,500 level. A clear move above the $102,500 resistance might send the price higher. The next key resistance could be $104,000. A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,000 resistance level. Any more gains might send the price toward the $108,500 level. Downside Correction In BTC? If Bitcoin fails to rise above the $102,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level. The next support is now near the $95,500 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $102,000 high. Any more losses might send the price toward the $93,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $100,500, followed by $100,000. Major Resistance Levels – $102,000 and $102,500.
The volatility of Bitcoin is currently lower than that of some of the largest tech equities, such as AMD, Nvidia, and PayPal. This shift represents an important turning point in the cryptocurrency’s development from a speculative asset to a more reliable investment choice. Data from IntoTheBlock indicates that this development is a result of growing institutional engagement with a maturing market. Related Reading: Bitcoin Breakout Alert: Research Company Head Shares Key Timeline Bitcoin In Relation To Tech Stocks In an interesting development, the price volatility of bitcoin has become more stable than the swings in stocks of well-known tech giants. Cryptocurrencies have, in fact, long been known for their wildly fluctuating prices, which typically deter cautious investors. Bitcoin’s price has been less volatile over the last three months than the stock prices of tech heavyweights like PayPal, Nvidia, and AMD, according to statistics released by IntoTheBlock in an X post on Wednesday, January 15. In particular, Bitcoin fluctuated 34% throughout that time, compared to 37%, 43.30%, and nearly 40% for PayPal, Nvidia, and AMD, respectively. Bitcoin is currently less volatile than many major tech stocks pic.twitter.com/chuE2x1h4T — IntoTheBlock (@intotheblock) January 15, 2025 Metrics Show Stability What does “volatility” in the crypto market mean? It refers to how quickly the prices of cryptocurrencies change. Big price changes happen very fast, which shows how unpredictable the market can be. Things like news, changes in supply and demand, or the mood of investors can all lead to this. High volatility means prices change a lot, while low volatility means they stay more stable. Various indicators, including the Bitcoin Volatility Index (BVOL), demonstrate a reduction in volatility. It monitors the fluctuations in Bitcoin’s price over time and, according to its current performance, is approaching its lowest level in months. Analysts, including those of Ark Invest, explain that this has to do with higher liquidations and greater adoption from institutional players, such as asset managers and large-scale funds, which stabilize by trading in bigger volumes. What It Means For Investors A new generation of investors may become available if volatility lowers, especially those institutions that have long shunned Bitcoin because of its unpredictable nature. More stability in bitcoin, the world’s most popular cryptocurrency, would also make it a better store of value, comparable to traditional assets such as gold. This could help to increase its position in diversified investment portfolios. Related Reading: Solana Tops The Charts As Artificial Intelligence Go-To Blockchain Platform —Research 2025 And Beyond: Bitcoin’s Maturity Journey Bitcoin is becoming more stable, which could help it gain more trust from investors and financial institutions. Its reduced volatility shows it’s changing from a risky asset to a more reliable one. This could make the crypto asset a better choice for long-term investments. People are watching closely to see how it grows in the future and how it fits into the global financial system as a stable and trusted option. Featured image from Brookings Institution, chart from TradingView
With the Bitcoin price back above $100,000, there have been discussions about what could mark the cycle top for the flagship crypto. Crypto analyst Tony Severino has provided some insights on this, revealing around what price target the market top could be considered. Potential Cycle Top For The Bitcoin Price In an X post, Tony Severino suggested that the cycle top for the Bitcoin price could be around $170,000. This came as he noted that a 90% surge could take the flagship crypto to this price level. He added that it is at this level that the cycle tops can then be considered, indicating that the BTC top in this cycle would likely be around this range. Related Reading: Shiba Inu Price Gearing Up To Fly After Lows, Here’s The Target The crypto analyst also discussed the current Bitcoin price action. He remarked that a mid-trend re-squeeze can lead to a continuation of the uptrend. Severino added that Bitcoin above $105,000 gets interesting, suggesting that is where the flagship crypto could witness a parabolic rally to a new all-time high (ATH). Severino alluded to the last time the Bitcoin price got a head fake to the lower band before moving to the upper band. He further remarked that from the wick low at the lower band to the local high was a 90% move. As such, this is why the analyst is confident that Bitcoin could witness another 90% surge to the $170,000 target before the cycle top is in. Before now, the crypto analyst had also assured that the Bitcoin price is still bullish because of the monthly stochastic oscillator, which is still above 80. The tool is used to measure momentum, and the indicator being above 80 typically suggests strong upward momentum. Historically, the monthly stochastic being above 80 has also led to a continuation of the BTC rally. Holding $100,000 As Support Is Crucial In an X post, crypto analyst Jelle suggested that the Bitcoin price holding $100,000 as support is the next most crucial step for a continuation of the upward trend. He noted that Bitcoin is pushing into the $100,000 resistance level, which lines up with the local downtrend line as well. Related Reading: Pundit Says Bitcoin Price Will Break Above $100,000 If This Happens The crypto analyst remarked that he expects a Bitcoin price breakout soon. He also predicts there will be much higher prices once that happens. In another X post, Jelle alluded to Bitcoin’s funding rate, which is currently in the green. In line with this, he asserted that the flagship crypto would run “red-hot” for weeks on end before this bull cycle is over. At the time of writing, the Bitcoin price is trading at around $99,700, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
The US Department of Justice (DOJ) has stated that around $9 billion in Bitcoin, taken from the crypto exchange Bitfinex in a 2016 hacking incident, ought to be returned to the exchange. This claim arises from a legal document submitted by the DOJ, which indicated that there are no recognizable victims in this specific case within the existing legal structure. Bitfinex To Potentially Reclaim Stolen Bitcoin The court documents, submitted on Tuesday, explain that the recovery of the stolen Bitcoin—specifically 94,643 BTC, along with amounts from various hard forks—should be returned to Bitfinex. The DOJ argued that under the Mandatory Victim Restitution Act (MVRA), there is no legal basis to classify Bitfinex or its account holders as victims of the specific offenses for which the defendants were convicted. Related Reading: What Bitcoin Election Patterns Could Signal For Its Price Ahead Of January 20 Inauguration The defendants, Ilya Lichtenstein and Heather Morgan, were convicted of Money Laundering Conspiracy, but crucially, they were not charged with the initial hack that resulted in the theft of the Bitcoin. According to the DOJ, their subsequent actions did not directly cause the losses incurred by Bitfinex. The legal definition of a “victim” as stated in the MVRA requires a direct and proximate harm resulting from the commission of a specific offense, which in this case reportedly does not apply. Legal Challenges In Crypto Asset Recovery The DOJ’s filing emphasizes that, while no mandatory restitution can be ordered under the current convictions, the court retains the authority to grant voluntary restitution. This means that, as part of their plea agreements, the defendants have agreed to return the stolen assets to Bitfinex. The restitution order proposed by the DOJ would encompass all funds recovered from the Bitfinex Hack Wallet. While this ruling marks a potential financial windfall for Bitfinex, it also opens the door for further legal complexities. The government is in the process of a third-party ancillary forfeiture proceeding to address other seized assets linked to the defendants’ laundering activities. These additional assets, which were involved in complex laundering schemes, may not be categorized as specific property lost by Bitfinex and its account holders. Related Reading: XRP Bullish Surge Takes Price Within Striking Distance Of $2.9 The 2016 Bitfinex hack, one of the largest in cryptocurrency history, has had lasting repercussions, leading to ongoing debates about regulatory standards and victim restitution in the digital asset space. As this situation develops, the parties involved in the case will be focused on the court’s ultimate ruling about the return of the seized Bitcoin and its impact on the future of cryptocurrency regulation and restitution methods for future cases. The DOJ’s efforts aim not only to address the financial losses experienced by Bitfinex but also to clarify the legal ramifications related to digital asset theft. At the time of writing, Bitcoin has managed to regain its bullish momentum with a 4% rise in the past 24 hours towards the $99,100 level. Featured image from DALL-E, chart from TradingView.com
The chief research analyst at 10x Research, Markus Thielen, thinks Bitcoin has a bright future. If Thielen’s crystal ball is correct, the digital asset might potentially experience significant price swings on January 29, 2025, once it breaks out of its so-called “symmetrical triangle” formation. Related Reading: Solana Tops The Charts As Artificial Intelligence Go-To Blockchain Platform —Research However, the path to this breakout is fraught with variables that could sway Bitcoin’s trajectory in any direction. Breaking Down The Technicals Bitcoin has been trading in a symmetrical triangular pattern for quite some time. These patterns typically signify consolidation, implying that the market is gearing up for a major move. Thielen sees this as a possibility for a breakout, which might push Bitcoin over its resistance levels. However, he adds that there is no assurance. The breakout may happen either way. Inflation And Fed Decisions Affect Bitcoin A breakout may not be fully based on technical analysis. Thielen notes that inflation data and Federal Reserve interest rate decisions will have a significant impact on Bitcoin’s future price behavior. If inflation remains high and the Fed continues to raise interest rates, the market’s risk appetite may decline, impeding Bitcoin’s growth. Alternatively, if economic conditions improve, Bitcoin may skyrocket. Timeline For Breakout Thielen speculates that Bitcoin will break out on January 29, 2025. If this schedule is accurate, we could witness a huge movement in the market. However, time, like all predictions, is subject to uncertainty. Thielen, meanwhile, alluded to a bullish break and the ensuing Bitcoin surge. Growing anticipation of increased Consumer Price Index (CPI) numbers served as the foundation for the market expert’s claim. The market may take longer to break through or face unexpected volatility, which alters the present trend. Investors should be cautious because the breakout could happen sooner or later than planned based on market conditions. The Uncertainty Factor While many analysts have a bright outlook, Thielen warns on prudence. Bitcoin’s price is famously volatile, with the possibility of huge volatility remaining. Investors should be aware that Bitcoin can encounter obstacles that restrict its breakout potential even with the positive technical patterns. Navigating this unpredictable terrain will depend much on risk management. Related Reading: Analyst Declares XRP A Bullish Favorite – Rally Imminent? Bitcoin In The Green Today Bitcoin was trading at $99,197, up 2.3% and 4.1% in the daily and weekly timeframes when this report was made. Featured image from Techopedia, chart from TradingView
Bitcoin price is attempting a recovery wave above the $98,000 zone. BTC is rising and now struggles to settle above the $100,000 zone. Bitcoin started a recovery wave above the $98,000 zone. The price is trading above $98,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $95,000 support zone. Bitcoin Price Tests Hurdles At $100K Bitcoin price started a short-term recovery wave above the $95,000 zone. BTC was able to climb above the $96,500 and $97,200 levels. The bulls were able to push the price above the key barrier at $98,000. The price even cleared $98,800. A high was formed at $100,731 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,114 swing low to the $100,731 high. There is also a connecting bullish trend line forming with support at $98,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $98,800 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $100,000 level. The first key resistance is near the $100,500 level. A clear move above the $100,500 resistance might send the price higher. The next key resistance could be $104,000. A close above the $104,000 resistance might send the price further higher. In the stated case, the price could rise and test the $106,000 resistance level. Any more gains might send the price toward the $108,500 level. Downside Correction In BTC? If Bitcoin fails to rise above the $100,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $98,000 level and the trend line. The first major support is near the $97,350 level. The next support is now near the $95,000 zone or the 50% Fib retracement level of the upward move from the $89,114 swing low to the $100,731 high. Any more losses might send the price toward the $93,200 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $98,000, followed by $97,350. Major Resistance Levels – $100,000 and $100,500.
The Bitcoin price has recovered above $97,000, providing a bullish outlook for the flagship crypto. Despite this development, BTC traders still look apprehensive as their strategy suggests they are still bearish on the current price action. Bitcoin Traders Turn Bearish Following Price Recovery In an X post, crypto analyst Ali Martinez revealed that Bitcoin traders have turned bearish despite the price recovery above $97,000. The crypto analyst mentioned that the percentage of traders on Binance betting BTC will rise has declined from 66.35% to 55.22% over the past 24 hours. Related Reading: Analyst Says Dogecoin Has Entered Another Bull Cycle, Puts Price Above $20 This development is significant as these Binance traders have a track record of being right most of the time. While most traders (55.22%) are still longing BTC, the decline in those betting on a rise suggests that there is the possibility that the recent price recovery is just a relief bounce and not a bullish reversal. The Bitcoin price has recovered above $97,000 after dropping to below $90,000 two days ago. This recent rally could pave the way for the flagship crypto to reclaim the psychological $100,000 price level. Crypto analyst Jelle is confident that this could happen soon, as he stated that a price breakout above $97,000 could lead to new highs for Bitcoin. However, there is still a lot of market uncertainty, which could explain why some of these Bitcoin traders are choosing not to bet on a further rally despite the recent price recovery. Recent macro data have suggested that the Federal Reserve is unlikely to implement as many quantitative easing (QE) policies as compared to last year. This is bearish for the Bitcoin price since investors could become more skeptical about investing in this risk asset. On the other hand, Donald Trump’s incoming administration provides some optimism for market participants since the US president-elect has promised to create a Strategic Bitcoin Reserve, which would lead to greater adoption of BTC. BTC’s Market Structure Has Changed Crypto analyst Trader Tardigrade also provided a bullish outlook for the Bitcoin price. In an X post, he stated that Bitcoin has shifted the market structure from a downtrend to an uptrend. He explained that when BTC was in a downtrend with lower highs and lower lows, it created an equal high, signaling a “change of character.” Related Reading: Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next Now, Bitcoin has broken through the resistance to form a higher high. According to Trader Tardigrade, if BTC maintains a higher low at the support/ resistance flip level of $96,000, it could start the bull run again. The analyst’s accompanying chart showed that the flagship crypto could reclaim $100,000 and then rally to new highs. At the time of writing, the Bitcoin price is trading at around $97,300, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
After rocketing up to the highs of $108,000 in December 2024, Bitcoin now has fallen to about $96,000. This has led to renewed debate among analysts as to what this means for the leading cryptocurrency. Some think that it may all be a warning, but others, such as Fundstrat’s Tom Lee, are still bullish long-term. Related Reading: Rebound Alert: US Bitcoin ETF Interest Picks Up Speed In 2025 $50,000 The Worst-Case Scenario? Recently, Tom Lee shared his opinions with CNBC during an interview as a response to the fears regarding Bitcoin’s latest retreat. He stated that corrections up to $70,000 or even down to $50,000 can happen. Corrections of this type, he continued, have become extremely frequent throughout Bitcoin’s history; hence long-term investors must consider them opportunities and not as problems. It was with the mention of $50,000 that eyebrows were raised, but Lee’s confidence in Bitcoin’s strength remains unbroken. He said these corrections often prepares the stage for even stronger price recoveries, especially in a market as dynamic as crypto. A Bold Prediction Amid Uncertainty Lee predicted that the price of Bitcoin might reach $200,000-$250,000 by the end of 2025, simply because he is convinced that this cryptocurrency will eventually serve as an economic hedge against instability and increase in adoption rates among institutional investors. Lee also says the current price point of $90,000 will be an ideal entry point for anyone thinking long term. His reasoning is that Bitcoin’s underlying fundamentals remain strong, and the recent pullback hasn’t dented its broader growth narrative. Inflation And Market Dynamics Lee said that inflation fears are not yet critical, and temporary disruptions, such as natural disasters, can impact data. However, the cautious approach of the Federal Reserve to rate cuts gives room for optimism. A slower pace of inflation and strong earnings from major companies could boost risk assets, including Bitcoin, in the near term. Related Reading: Ethereum Whales Absorb $1 Million Loss As Market Caution Intensifies Investor Sentiment And What’s Next After Lee’s comment, Bitcoin rebounded a little; it came back to about $96,400. The rebound shows that the market participants were comforted by his analysis. The lesson for investors is obvious: volatility will probably interrupt Bitcoin’s road of development, but overall the long-term future seems bright. Forecasts for the market range from $50,000 to $250,000, thereby presenting both risk and possibility. The balancing act between fear and optimism will ultimately shape Bitcoin’s trajectory in the months to come. Featured image from Shutterstock, chart from TradingView
In a significant move amid the growing adoption of Bitcoin (BTC) and digital assets, Oklahoma has become the sixth US state to introduce a “Strategic Bitcoin Reserve” policy. This initiative aims to allow the state to purchase Bitcoin once the legislation is passed, reflecting a broader trend as states across the nation explore similar proposals […]
Technical analysis of the Bitcoin price chart shows that the leading cryptocurrency is still on the way to breaking above $100,000 in light of a pattern formation on the Bitcoin price chart. Notably, an analyst has pointed to a wedge pattern forming on Bitcoin’s 4-hour candlestick timeframe chart as the precursor to this bullish upside move, while dismissing earlier projections of bearish momentum arising from a head-and-shoulders pattern. The Wedge Formation: A Breakout To $100,000? According to the analysis, which was posted on the TradingView platform, Bitcoin is currently trading within a falling wedge pattern, which is often seen as a bullish chart pattern in technical analysis. This falling wedge analysis outlook arose after the invalidation of a head-and-shoulder pattern that recently threatened to bring a bearish outlook to Bitcoin‘s short-term price action. Related Reading: Analyst Who Predicted Bitcoin Price Crash To $89,000 Reveals Where BTC Is Headed Next The crypto analyst dismissed prior concerns over this head-and-shoulders pattern, labeling it as “fake” and has instead reinforced a bullish outlook for Bitcoin. This head-and-shoulders pattern had threatened to send Bitcoin below the $90,000 mark and essentially invalidate a bullish outlook for the leading cryptocurrency. As of now, there is a confirmation of a falling wedge pattern on the Bitcoin price chart. This falling wedge pattern has been in formation since December 17, when Bitcoin reached an all-time high of $108,135. Furthermore, this falling wedge has been highlighted by the formation of lower highs and lower lows, all of which are characteristic of the bullish pattern formation. Interestingly, recent price action in the past 24 hours has seen Bitcoin inching closer to the upper trendline of the falling wedge. With this formation now confirmed, the only thing left is for a substantial break above the upper trendline, which would send Bitcoin trading above $100,000. Bitcoin Price Now Bitcoin’s price movement over the past 24 hours has exhibited another minor bullish trend after a rebound from the $90,800 support level on January 13. This upward bounce comes after Bitcoin faced mounting pressure over the weekend and briefly threatened to dip below $90,000. Instead, the rebound has pushed Bitcoin’s price upward by 6.8% over the past 48 hours. Related Reading: PEPE Marks Bottom After Scary Market Crash, Enters Wave 3 With Over 500% Promise As of now, Bitcoin is trading at $97,000, edging closer to reclaiming its bullish momentum. The cryptocurrency is just 3% shy of breaking above the upper trendline of the falling wedge pattern and registering what could be the end of the recent price correction. However, current trends in buying activity reveal a notable slowdown in investor participation, and it might reach towards the end of January and the beginning of February before the action of renewed interest begins. Featured image created with Dall.E, chart from Tradingview.com
The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]
Bitcoin (BTC) experienced significant volatility on Tuesday, dropping 4.8% to $97,000 once again after briefly surging above $100,000 to start the week. Major crypto stocks, including Coinbase and MicroStrategy, also saw sharp declines, falling more than 7% and 9%, respectively. Bitcoin mining companies such as Mara Holdings and Core Scientific were not spared either, each dropping around 5%. Bitcoin Prices Drop Amid Rising Treasury Yields And Economic Concerns According to recent reports, the downturn in Bitcoin’s price coincided with a sudden spike in the 10-year US Treasury yield. This increase followed data from the Institute for Supply Management (ISM), which indicated faster-than-expected growth in the US services sector for December. This news has raised concerns about persistent inflation, which tends to pressure growth-oriented risk assets like cryptocurrencies. Historically, rising Treasury yields have had an inverse relationship with risk assets such as Bitcoin. Related Reading: Anticipating A ‘2025 Super Cycle’: Bitcoin Rallies With Trump’s Regulatory Reforms On The Horizon On Monday, Bitcoin had traded above $102,000 and is widely anticipated to double this year, contingent on clearer regulations that could bolster digital asset prices. However, uncertainty surrounding the Federal Reserve’s (Fed) interest rate cuts poses potential challenges for Bitcoin’s price trajectory. In December, the Fed indicated that while it was cutting rates for a third time, the pace of future cuts might be slower than investors had hoped. Rate cuts typically support Bitcoin prices, whereas hikes tend to exert downward pressure. Analysts further attribute the recent dip not only to rising yields but also to increasing correlations between Bitcoin and traditional equities, particularly the Nasdaq. Bob Wallden, head of trading at digital-assets firm Abra, noted that the ISM data triggered a selloff in equities that spilled over into the crypto market. Wallden suggests that this decline was compounded by profit-taking and stop-loss triggers for traders who had gone long on Bitcoin above the $100,000 mark. Adding to the market’s volatility are renewed headlines surrounding President-elect Donald Trump’s shifting stance on tariff discussions, which have further fueled cautious sentiment in the Bitcoin market. Investors Cash In As 2024 Highs Fade Bitcoin’s record-breaking rally in 2024 began to lose momentum in late December, as investors capitalized on their profits. Optimism surrounding a pro-crypto administration under Trump had previously driven Bitcoin to an all-time high of $108,000 in December. However, Bloomberg reports that the cryptocurrency’s prospects for 2025 will depend largely on whether Trump follows through on his pledges regarding cryptocurrency, including the establishment of a national Bitcoin stockpile. Related Reading: SUI Skyrockets: Bullish Momentum Drives Push Toward $6 Despite the optimism, skepticism remains. A recent MLIV Pulse survey revealed that 39% of respondents believe Bitcoin, once a winning investment of 2024, is most likely to become a losing investment in 2025, the highest percentage among various assets surveyed. Against this backdrop, market analysts like Ali Martinez have noted potential support for Bitcoin at around $97,000, with the TD Sequential indicator signaling a buy opportunity on the hourly chart. If this support level holds, there may be a rebound. However, Martinez asserts that a break below the $97,000 price level could signal a potential dip all the way down to the $92,000 support. Featured image from DALL-E, chart from TradingView.com
The biggest bank in Italy, Intesa Sanpaolo, has finally entered the world of cryptocurrencies by buying 11 bitcoins worth over $1 million, Reuters reported. The move marks a significant moment in the financial institution’s history as it becomes the first Italian bank to make a direct investment in digital assets. Related Reading: Crypto Regulation Exchange: […]
As Bitcoin (BTC) navigates a turbulent period marked by increased volatility and a significant correction in cryptocurrency prices, market analyst Lark Davis has shed light on a potentially promising trend. In a recent post on social media platform X (formerly Twitter), Davis drew parallels between Bitcoin’s current price movements and those observed during the last presidential election cycle, suggesting a potential restoration of confidence in the leading cryptocurrency. Bitcoin Mirrors 2021 Election Cycle Davis highlighted that Bitcoin appears to be mirroring its price action from the previous presidential election and inauguration in 2021. Related Reading: Ethereum Whales Absorb $1 Million Loss As Market Caution Intensifies The expert presented a chart illustrating three distinct phases that Bitcoin underwent during that time, which may be relevant again as the market approaches the upcoming inauguration of President-elect Donald Trump on January 20. The first phase, which Bitcoin already experienced in November and December 2024, saw a notable rally towards new highs culminating in a peak price of $108,000 on December 17. Following this initial surge, Bitcoin entered the second phase characterized by what Davis refers to as a “pre-inauguration dump.” Historically, this period has been marked by market corrections as investors react to uncertainties surrounding political transitions. Currently, Bitcoin seems to be navigating through this phase, with observers closely monitoring its price movements as the inauguration date approaches. Davis anticipates a potential “post-inauguration pump,” reminiscent of the price surge that propelled Bitcoin to an all-time high of $69,000 in 2021. With only days remaining until the inauguration, the market is keenly observing whether this historical pattern will repeat itself in 2025. Market Anticipates Trump’s Inauguration The sentiment around Bitcoin’s future is further buoyed by Trump’s promises to reshape the regulatory environment for cryptocurrencies. Unlike Biden, whose administration has taken a more cautious approach, Trump has signaled a desire to foster growth within the digital asset space, including plans to establish a Bitcoin stockpile aimed at addressing the national debt, which exceeds $36 trillion. While Lark Davis cautions that history may not repeat itself, he notes that it often “rhymes.” The prospect of increased support for Bitcoin from the incoming administration could serve as a catalyst, propelling the cryptocurrency toward new price highs and entering a phase of price discovery. Related Reading: Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ‘ATH Are Next’ In addition to Davis’s insights, fellow crypto analyst Doctor Profit has also weighed in on Bitcoin’s recent performance. He has expressed optimism about the cryptocurrency’s trajectory, indicating that it is aligning with his previous expectations. Profit emphasizes the importance of maintaining a daily close above the $95,900 mark, with a breakout above $97,500 necessary for Bitcoin to continue its upward momentum toward the coveted $100,000 threshold. At the time of writing, BTC trades at $97,000, recording gains of 3% in the 24-hour time frame. Featured image from DALL-E, chart from TradingVew.com
In a recent interview with CNBC’s Squawk Box, outgoing US Securities and Exchange Commission (SEC) Chair Gary Gensler offered a nuanced perspective on the digital asset landscape, particularly focusing on Bitcoin (BTC) and the broader crypto market. His remarks come amid increased scrutiny of the industry, which has faced regulatory challenges and calls for greater […]
In a recent interview with CBS News, JPMorgan CEO Jamie Dimon reiterated his longstanding skepticism toward Bitcoin, stating, “Bitcoin itself has no intrinsic value.” Bitcoin’s Resilience Amid Dimon’s Doubts Dimon emphasized the cryptocurrency’s alleged association with illegal activities, including money laundering and human trafficking, which he believes tarnishes its reputation. “I just don’t feel great […]
In a recent social media post, market expert VirtualBacon shared seven key predictions that could shape the cryptocurrency landscape in 2025. Central to these predictions is the assertion that Ethereum (ETH) may outshine Bitcoin (BTC) in terms of performance, even as Bitcoin continues to hold a dominant position in the market. Expert Predicts A New Crypto Bull Run In 2025 With Bitcoin approaching the significant $100,000 mark once again after a sharp correction over the past weeks and altcoin exchange-traded funds (ETFs) on the horizon, the expert believes that the current crypto bull run is only just beginning. Related Reading: XRP Price Dominates: Outperforming Bitcoin With Confidence VirtualBacon poses an intriguing question: Is 2025 the year when cryptocurrencies break all previous records? The anticipation surrounding potential market movements is palpable, especially given the bullish sentiment fueled by Bitcoin’s recent price surge and the impending introduction of altcoin ETFs. The expert reflects on the previous year’s predictions, noting that Bitcoin reached $80,000, crypto gaming gained traction, and Trump’s return to the political scene significantly boosted market momentum. Looking ahead, VirtualBacon predicts a longer, slower bull cycle extending potentially into the fourth quarter of 2025. This forecast is underpinned by the Federal Reserve’s cautious approach to liquidity, which is expected to mitigate the risks of sudden market crashes. The likelihood of a recession is projected to drop to 33%, signaling a period of relative stability. Bitcoin’s dominance is anticipated to rise, largely driven by institutional demand, with spot ETFs already holding approximately 5% of Bitcoin’s supply. While altcoins may lag initially, VirtualBacon asserts that this “slower cycle” is seen as a “blessing,” providing ample time for growth and maturation within the market. Will Ethereum Outperform Bitcoin This Year? One of the most consequential factors influencing the crypto market in 2025 is anticipated massive liquidity injections. The US debt crisis is likely to compel the Federal Reserve to implement quantitative easing, thereby expanding its balance sheet and flooding markets with cash. Additionally, a revaluation of gold—potentially adjusting from $42 per ounce to around $2,000—could create even more liquidity in the system. Such conditions typically lead to inflation, which is historically associated with rising asset prices, suggesting that cryptocurrencies may thrive in this environment. However, despite these optimistic predictions, VirtualBacon casts doubt on the likelihood of a US Bitcoin Reserve Act passing in 2025. The proposal for the US Treasury to acquire one million Bitcoin over five years faces significant hurdles, particularly in securing taxpayer support for such a massive expenditure. Related Reading: Cardano (ADA) Under Pressure: Struggles to Reclaim Lost Ground On the regulatory front, VirtualBacon anticipates that pro-crypto legislation may favor altcoins, particularly through the proposed Fit for the 21st Century Act. This legislation could provide a clearer regulatory framework for cryptocurrencies, designating decentralized tokens like Layer-1 blockchains as commodities under the Commodity Futures Trading Commission (CFTC), while less decentralized assets would fall under the Securities and Exchange Commission (SEC). With Paul Atkins, a pro-crypto advocate, potentially leading the SEC, major cryptocurrencies may flourish, although smaller startups could face challenges navigating the new landscape, according to the expert. The prediction of altcoin ETFs gaining traction is another exciting prospect for 2025. VirtualBacon expects ETFs for cryptocurrencies such as Litecoin, HBAR, XRP, and Solana to emerge, driven by their unique statuses and pending legal resolutions. With Ethereum ETFs already drawing institutional interest, a similar pattern could unfold for these altcoins, further accelerating institutional adoption in the crypto market. Perhaps the most captivating prediction is that Ethereum could outperform Bitcoin, potentially doubling Bitcoin’s returns in 2025. With institutional investors increasingly favoring ETH over BTC in recent months, along with historical performance trends favoring Ethereum in the first half of the year, the stage is set for significant growth in the Ethereum ecosystem. VirtualBacon estimates end-of-year prices of approximately $200,000 for Bitcoin and $14,000 for Ethereum, presenting ambitious yet “potentially attainable targets” given the expected influx of liquidity and institutional support. As of this writing, BTC is trading at $95,840, recording gains of over 4% in the 24-hour time frame. Similarly, ETH is trading at $3,200, recording even higher gains of nearly 6% in the same time frame. Featured image from DALL-E, chart from TradingView.com
Bitcoin price is attempting a recovery wave above the $93,200 zone. BTC is rising and might face resistance near the $97,500 zone. Bitcoin started a recovery wave above the $95,000 zone. The price is trading above $95,500 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $95,450 support zone. Bitcoin Price Regains Traction Above Below $95K Bitcoin price started a short-term recovery wave above the $92,000 zone. BTC was able to climb above the $93,500 and $94,200 levels. The bulls were able to push the price above the key barrier at $95,800. The price even cleared $97,000. A high was formed at $97,431 and the price is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high. There is also a connecting bullish trend line forming with support at $96,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $95,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $97,450 level. The first key resistance is near the $98,000 level. A clear move above the $98,000 resistance might send the price higher. The next key resistance could be $98,800. A close above the $98,800 resistance might send the price further higher. In the stated case, the price could rise and test the $100,000 resistance level. Any more gains might send the price toward the $102,500 level. Another Drop In BTC? If Bitcoin fails to rise above the $98,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,000 level and the trend line. The first major support is near the $94,500 level. The next support is now near the $93,200 zone or the 50% Fib retracement level of the upward move from the $89,115 swing low to the $97,431 high. Any more losses might send the price toward the $92,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $96,000, followed by $94,500. Major Resistance Levels – $97,450 and $98,800.
Crypto analyst MadWhale has revealed where the Bitcoin price could be headed next, having correctly predicted the BTC crash to $89,000. The analyst also explained why the flagship crypto’s current outlook is bullish, which could lead to further gains. Where The Bitcoin Price Is Headed Next In a TradingView post, MadWhale predicted that the Bitcoin price could record a 17% gain and rally to a new high of $110,000. The analyst explained that the outlook for the crypto market is largely positive. He added that there is again a surge in market volume after the usual holiday lull, which often causes temporary price drips. Related Reading: XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8 MadWhale further remarked that this increase signals renewed interest from investors, which is a bullish sign and could indicate rising prices soon. In line with this, he predicted that the Bitcoin price might be on track to hit new all-time highs (ATHs). From a technical perspective, the analyst noted that the charts show solid support levels. This suggests that upward momentum could continue, leading to this potential gain of 17% for the flagship crypto. The analyst’s accompanying chart showed that the projected Bitcoin price rally to $110,000 could happen this month. This prediction undoubtedly provides some optimism, considering the recent BTC crash. Bitcoin dropped to as low as $89,000 yesterday amid the uncertainty in the market. This market uncertainty has been due to developments on the macro side, such as the December jobs data. Following the strong US job data, traders predict there will be only one Fed rate cut this year, which is bearish for the Bitcoin price and the broader crypto market. On the other, Donald Trump’s inauguration provides a bullish outlook for the flagship crypto. Trump has promised to create a Strategic BTC Reserve, which is bullish for the Bitcoin price, as it could lead to widespread nation-state adoption of the flagship crypto. A Bullish Reversal Is Already In Play Crypto analyst Jelle suggested that a bullish reversal is already in play for the Bitcoin price. He mentioned that Bitcoin took out the main downside liquidity and immediately pushed back above $94,000. The crypto analyst added that the flagship crypto is now running into a resistance at its current level, with the 200-day Exponential Moving Average (EMA) and the level it has been struggling with for a while. Related Reading: Bitcoin Price Struggles With Liquidity Blocks From $86,000 To $104,000, Analyst Reveals The Logical Thing To Do Jelle predicted that a Bitcoin price breakout above $97,000 could lead to new highs for the flagship crypto. In another X post, he stated that BTC is pushing for a breakout from the weekly falling wedge. The crypto analyst added that the target of this formation is roughly $130,000. At the time of writing, the Bitcoin price is trading at around $96,300, up almost 4% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Heightened bearish conditions within the market have hindered Bitcoin‘s upward momentum, causing the digital asset to drop below the $90,000 price level. Despite the persistent volatility in the past few days, retail activity has shown a remarkable performance, reflecting growing optimism among these investors. A Rapid Increase In Bitcoin’s STH Realized Cap Recent reports from […]
Co-founder and Chairman of MicroStrategy Michael Saylor, during a recent speech at the ICR Conference in Orlando, has once again shaken up the financial world by proclaiming that companies need to ditch old-fashioned bonds in favor of Bitcoin. He made the call labeling bonds as “toxic” during his speech while asking businesses to look into Bitcoin’s potential. Related Reading: Litecoin Price Falters Amid Doubts Over LTC ETF Approval Comparing Investment Returns Saylor bases his argument on a comparison of investment returns. Since MicroStrategy adopted its Bitcoin-buying strategy in 2020, Bitcoin has shown remarkable resilience and growth, while bonds have faltered. He presented data indicating that while many companies cling to outdated financial practices—such as purchasing Treasury bonds—those who embrace Bitcoin stand to benefit significantly. “Every company has a choice to make: cling to the past or embrace the future,” he stated, emphasizing the transformative potential of digital assets. Companies should buy Bitcoin because bonds are “toxic,” according to MicroStrategy Chairman Michael Saylor https://t.co/SOZdLagLCC — Bloomberg (@business) January 13, 2025 The Case For Bitcoin During his speech, Saylor mentioned that MicroStrategy’s own investments have been rewarding. The company recently closed an acquisition of Bitcoin worth $243 million. It is their 10th consecutive week in purchasing the cryptocurrency. Saylor was critical of the tech giants like Microsoft and Nvidia for not following suit. He said that they are missing a revolutionary opportunity. He used an image to drive the point home with a slide indicating that only 70 companies have Bitcoin today, so those who are slow might be left out. The landscape of finance is changing, and Saylor says that companies should evolve to remain in the loop. He even provocatively added, “What’s the downside? Well, you just get rich,” underlining his conviction that Bitcoin is a better investment vehicle. Future Implications Saylor’s statement is indicative of a broader change in how companies perceive digital assets, and it extends beyond corporate finance. He advised leaders to think about their obligations to their families and investors in addition to the future of their company as he wrapped off his remarks. “Adopt Bitcoin,” he exhorted, presenting it as a moral requirement for influential people. Related Reading: Bitcoin To $350,000? Top Crypto Influencer Makes Bold Prediction Saylor’s influence has now appeared to extend into the political sphere as well. Saylor received an invitation to Mar-a-Lago to talk more about Bitcoin following Donald Trump’s reelection. Trump has met with executives of the cryptocurrency industry in the past to discuss regulations that impact the sector. These exchanges show that the potential economic impact of cryptocurrencies is becoming more widely acknowledged. Michael Saylor’s passionate call for Bitcoin, rather than a traditional bond, isn’t just a matter of an investment strategy. It represents an ideological shift within finance. If companies adopt the digital currency that he advocates for, then everything about business could change in terms of operations and investment. Featured image from TheStreet, chart from TradingView
Demand for US Bitcoin ETFs has significantly increased as we enter 2025, signifying a notable reversal following a lackluster start to the year. Related Reading: Bitcoin To $350,000? Top Crypto Influencer Makes Bold Prediction Based on recent figures from Glassnode, net inflows for the week ending January 6 amounted to 17,567 BTC, equivalent to around $1.7 billion. This increase surpasses the weekly average inflows of 15,900 BTC documented in the final quarter of 2024 and indicates a resurgence of investor enthusiasm. A Turbulent Journey Of Inflows Inflows into Bitcoin ETFs have shown an erratic pattern. These inflows showed notable fluctuations in late 2024. In September, there was a significant decline as Bitcoin prices dropped below $64,000, leading to large withdrawals. Nevertheless, things began to change by October. Inflows increased dramatically; in few weeks, they topped 24,000 BTC. With the average weekly inflow settling at around 15,900 BTC, the increase continued into November and December, demonstrating the high demand for Bitcoin investments. After a slow start to the year, demand for US spot #Bitcoin ETFs has normalized. In the week of January 6, inflows reached 17,567 #BTC ($1.7B), which is slightly higher than the weekly average of 15.9K $BTC ($1.35B) from October to December 2024: https://t.co/0Cpfm8lpak pic.twitter.com/u4FksOSLuZ — glassnode (@glassnode) January 13, 2025 As the price of Bitcoin increased, so did ETF inflows. In December 2024, the most popular digital asset in the world reached a record-breaking high of $108,135. This association suggests that as more people switched to exchange-traded funds, investors’ confidence in Bitcoin’s worth grew, leading to a positive market sentiment. Bitcoin ETFs: Who Possesses The Most? The total holdings of US spot Bitcoin ETFs as of early January 2025 are approximately 1.13 million BTC. Grayscale has 204,300 BTC, Fidelity holds 205,488 BTC, and BlackRock has 559,673 BTC, making it the largest holding. In 2024, BlackRock’s Bitcoin ETF (IBIT) garnered attention by accumulating $37.25 billion in assets during its inaugural year, securing the third position on the Top 20 ETF Leaderboard for that year. This significant surge highlights the rising institutional demand for cryptocurrency-backed financial solutions. Will 2025 Be A Good Year For ETFs? Bitcoin ETFs look like they will do well in 2025. Experts in the field think that this year there may be a lot of new, innovative offerings on the market. There will be at least 50 new bitcoin ETFs this year, according to Nate Geraci of the ETF Store. These will cover a wide range of strategies, such as covered call ETFs and Bitcoin-denominated equity ETFs. Furthermore, there is conjecture that Bitcoin spot ETFs may soon exceed physical gold ETFs in asset size. This would represent a pivotal advancement in the development of digital assets as conventional investment instruments. Such a change would highlight a rising confidence in Bitcoin as a valid store of value and investment tool, therefore challenging the long-held view of gold as the best hedge. Related Reading: Massive Dogecoin Rally Incoming? Experts Point To Over 1,000% Upside As financial institutions such as Vanguard investigate cryptocurrency ETF alternatives, it underscores a wider trend of acceptance and incorporation of cryptocurrencies into established financial systems. Featured image from Reuters, chart from TradingView
Bitcoin price is attempting a recovery wave from the $89,200 zone. BTC is rising and might face resistance near the $95,800 zone. Bitcoin started a recovery wave from the $89,200 zone. The price is trading above $94,000 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $92,450 support zone. Bitcoin Price Eyes Recovery Above Below $95K Bitcoin price started a short-term recovery wave after a sharp dip below the $90,000 zone. BTC was able to climb above the $91,500 and $93,200 levels. The bulls were able to push the price above the 50% Fib retracement level of the downward move from the $95,808 swing high to the $89,115 low. Besides, there was a break above a connecting bearish trend line with resistance at $92,000 on the hourly chart of the BTC/USD pair. However, the bears are still active below the $95,500 level. Bitcoin price is now trading above $94,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,200 level. The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance might send the price higher. The next key resistance could be $97,400 or the 1.236 Fib extension level of the downward move from the $95,808 swing high to the $89,115 low. A close above the $97,400 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level. Another Drop In BTC? If Bitcoin fails to rise above the $95,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $94,000 level. The first major support is near the $93,200 level. The next support is now near the $92,200 zone. Any more losses might send the price toward the $90,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $94,000, followed by $93,200. Major Resistance Levels – $95,200 and $95,800.
The Bitcoin price has spent the majority of the past seven days consolidating around the $94,000 mark with signs of a break to either side. According to a crypto analyst, Bitcoin’s recent price movements have led to the creation of liquidity blocks observed between the $86,000 to $104,000 range, which raises an equal likelihood of a bounce towards $104,000 or a downside break to $86,000 from the current price. Massive Liquidity Blocks In Both Directions Bitcoin’s recent price consolidation has given little to no idea of what to expect from here, with the liquidation heatmap also relaying the same trend. As highlighted by crypto analyst Kevin (@Kev_Capital_TA), Bitcoin’s liquidation heatmap relays massive liquidation blocks from $86,000 to $90,000, all the way to $104,000. Related Reading: Bitcoin Bearish Case: Continued Rejection At $100,000 Increases Likelihood Of Breakdown According to the analyst, these massive liquidation blocks raise the possibility that the Bitcoin price would continue to sweep between these levels and create an up-and-down movement between $86,000 up until $104,000 till the end of the month. However, a break to $86,000 could have a devastating effect on the Bitcoin price. The Bitcoin UTXO Realized Price Distribution (URPD) ATH-Partitioned shows a $12,000 support void below this price point. Therefore, a decline to $86,000 opens up the possibility of a further crash to $75,000. BItcoin’s price action is likely to continue moving in the $86,000 up until $104,000 trading range and a bullish case will only emerge if Bitcoin eventually breaks above $108,000. This level is important because it serves as Bitcoin’s current price peak. A breakout beyond $108,000 would translate to new all-time highs for the leading cryptocurrency and could pave the way for a more sustained bullish trend. The analyst also emphasizes the importance of monitoring USDT dominance, which currently stands at 3.7%. Kevin argues that a clean breakdown of USDT dominance is a necessary signal for a more stable and bullish market environment. A consequence of the less USDT dominance is that investors are converting their stablecoins into Bitcoin and other cryptocurrencies. Logical Approach To The Liquidation Blocks Kevin noted that the logical approach would be to keep an eye on the market during these predicted up-and-down choppy movements. This approach is even more practical for traders who are more involved in recent trades and current price action. Related Reading: Dogecoin Whales Go on 470 Million DOGE Buying Spree Amid Bullish Recovery In Major Metrics On the other hand, traders who have been holding since the bear market lows may find it easier to weather the current volatility, given that the broader bullish outlook projects further price increases throughout 2025. At the time of writing, Bitcoin is trading at $94,050 and is down by 0.5% and 5.46%, respectively, in the past 24 hours. Featured image created with Dall.E, chart from Tradingview.com
The general crypto market is experiencing a resurgence in upside momentum as several digital assets have recorded notable gains in the past few days, igniting optimism within the community. With the market recovering and key indicators showing positive trends for Bitcoin, the flagship asset might undergo a major rally in the coming weeks. Retail Activity […]
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone. The price is trading below $94,500 and the 100 hourly Simple moving average. There was a break above a connecting bearish trend line with resistance at $93,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it stays above the $92,500 support zone. Bitcoin Price Struggles Below $95K Bitcoin price started a short-term recovery wave above the $92,000 resistance. BTC was able to climb above the $93,500 and $94,000 levels. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $102,761 swing high to the $91,168 low. Besides, there was a break above a connecting bearish trend line with resistance at $93,650 on the hourly chart of the BTC/USD pair. However, the bears are still active below the $95,800 level. Bitcoin price is now trading below $95,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $95,000 level. The first key resistance is near the $95,800 level. A clear move above the $95,800 resistance might send the price higher. The next key resistance could be $97,000 or the 50% Fib retracement level of the downward move from the $102,761 swing high to the $91,168 low. A close above the $97,000 resistance might send the price further higher. In the stated case, the price could rise and test the $98,800 resistance level. Any more gains might send the price toward the $99,500 level. Another Drop In BTC? If Bitcoin fails to rise above the $95,800 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $92,500 level. The first major support is near the $92,000 level. The next support is now near the $91,200 zone. Any more losses might send the price toward the $90,000 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $92,500, followed by $91,200. Major Resistance Levels – $95,000 and $95,800.
Bitcoin has been faced with a challenging start to 2025 with a rejection at the $100,000 mark. Notably, Bitcoin has been unable to hold substantially above the $100,000 price level since it first broke through in early December, and multiple breakouts have been followed by rejections. The most recent rejection came last week when the price peaked at $102,000 on Monday, only to reverse sharply and fall to $92,000 by Thursday. Related Reading: Bitcoin To Challenge Gold: Expert Sees US Taking The Lead This continued tug-of-war has brought the bearish case for BTC into sharper focus, with technical analysis highlighting a 50/50 chance of a further drop or a bounce. $90,000: A Pivotal Support Zone Under Threat Recent Bitcoin price action has significantly put the $90,000 price point as the most notable support level for the bulls. Although the crypto has largely held above the $90,000 support level even during the recent corrections, the bearish outlook hinges on its ability to defend this level. According to technical analysis by crypto analyst EGRAG CRYPTO, Bitcoin has made five different attempts to test a support trendline around $90,000, which further reveals the importance of the level. This repeated retest increases the chance of weakening the support strength and is gradually making Bitcoin more vulnerable to a sharp decline. With this in mind, the major task for Bitcoin bulls would be to hold above the $90,000 and break resistance levels above $100,000 in order to invalidate a bearish outlook. Should Bitcoin fall below $90,000, it could cascade to a further price drop to the $87,000 range or even lower. A fall below $87,000 could, in turn, cause a quick fall through a $12,000 gap to reach $75,000. Resistance Levels To Break: $103,000 To $108,500 As noted by EGRAG CRYPTO, Bitcoin could continue to pose a bearish threat until it closes above a few resistance levels. These resistance levels are situated at $103,000, $106,400, and $108,500, and consistent daily closes above these thresholds are required to confirm a bullish trend. The third resistance of $108,500 is the most notable, as a break above it would see Bitcoin trading at new all-time highs. According to EGRAG CRYPTO, current technical indicators suggest that the chances of a pump are low at the moment. For instance, Bitcoin has now lost the support of the 21 EMA on the daily candlestick timeframe, and sentiment is now in a neutral zone on the Fear and Greed Index. Related Reading: Bitcoin Price Under Threat: $12,000 Void Opens Up Possibility Of Crash Toward $75,000 As it stands, the biggest factor that could see bullish momentum return to Bitcoin is the upcoming inauguration of Donald Trump on January 20th and the anticipated crypto-positive policies that during the new administration. EGRAG CRYPTO notes that the event could either trigger a short-term rally or exacerbate the ongoing decline. At the time of writing, Bitcoin is trading at $94,400. Featured image from Pexels, chart from TradingView
Jeremie Davinci, a prominent player in the cryptocurrency domain, has garnered attention with his audacious forecast that Bitcoin may attain an extraordinary value of $350,000. This forecast, lately disseminated on social media, is predicated on historical trends and the present dynamics of Bitcoin mining expenses. Related Reading: $7,000 Ethereum In Sight? Expert Breaks Down The Potential Path The current expense for miners to generate one Bitcoin is approximately $70,000. Davinci indicates that historically, under positive market conditions, Bitcoin has frequently surpassed its mining cost by a ratio of five. This association indicates that, if historical trends persist, a price of $350,000 is feasible. The Cost Factor Of Mining The basis of Davinci’s approach is the relationship between mining costs and market price of Bitcoin. The mining process requires electricity and advanced technology among other resources. These costs build the basis for Bitcoin’s value as they rise. Currently spending over $70,000 to extract one BTC, miners may open the path for significant price increases in the future, claims Davinci. It costs miners about $70k to produce 1 #Bitcoin now, less with better hardware or cheap energy. In past bull markets, Bitcoin’s price has hit over 5x the mining cost. Huge potential ahead! — Davinci Jeremie (@Davincij15) January 11, 2025 He underscores that this forecast lacks a defined timescale and instead embodies an optimistic perspective grounded in historical performance. He asserted, “Significant potential lies ahead!” in reference to Bitcoin’s future price trajectory. Bitcoin: Institutional Impact And Market Forces Davinci’s prognosis is set against a landscape of growing institutional interest in Bitcoin. Prominent corporations have commenced the acquisition of substantial quantities of BTC, indicating assurance in its long-term growth prospects. Companies such as BlackRock and MicroStrategy have made substantial investments in Bitcoin, contributing to the optimistic feeling around the cryptocurrency. In addition, the recent halving event in April 2024 cut the block payment for miners to 3.125 BTC. This made it harder for new coins to enter the market. Around 19.9 million Bitcoins have already been mined, leaving less than 2 million to be made. This could cause prices to rise as long as people want them. A Prudent Optimism Although Davinci’s projection is undeniably ambitious, it is crucial to regard such forecasts with prudence. The bitcoin market is famously unstable and can undergo significant fluctuations in value. Analysts have observed that although Bitcoin may realize considerable increases over time, it has also had huge corrections in previous cycles. Related Reading: Bitcoin To Challenge Gold: Expert Sees US Taking The Lead As we approach 2025 and beyond, numerous investors are closely observing how these dynamics will develop. The interplay between mining expenses, institutional acceptance, and market mood will be a major determining factor in ascertaining the feasibility of Davinci’s prediction. Bold predictions like Jeremie Davinci’s are being debated as the crypto market continues to evolve. His forecast of Bitcoin reaching $350,000 reflects both reliance on historical trends and a sense of optimism. Featured image from Reuters, chart from TradingView
One year ago, the US Securities and Exchange Commission (SEC) announced the approval of Bitcoin Spot ETFs in what would be a historic move for institutional adoption in cryptocurrency. In no equivocal terms, these exchange-traded products have superseded market expectations in terms of demand and performance becoming a major influence over Bitcoin’s price trajectory. Related […]