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 has scratched its way back to a high of $99.8K to kick off the new week. However, based on the huge spike in mentions of $110K+ BTC from 2 weeks ago, it appears traders are still awaiting much higher prices before getting too excited.
Crypto prices nearly always move… pic.twitter.com/1VjfJxTVb9
— Santiment (@santimentfeed) January 6, 2025
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.
