Why is Bitcoin Up Today? Will BTC Price Hit Surge Above $100K ?
Since the calendar turned to 2025 last week, Bitcoin (BTC) price has rebounded by approximately 6.9% and retested key resistance around $99,300 in early New York trading on Monday, January 6. As a result, concerns that Bitcoin prices could fall below $90,000 have been significantly alleviated.
Moreover, Bitcoin’s fear and greed index has soared to 76%, which represents the extreme greed of investors. However, the numbers mentioning a Bitcoin price reaching $110,000 are still lower compared to two weeks ago, suggesting that the crowd is eerily quiet, waiting for clear signs.
Bitcoin price expectations
Despite a significant recent rally, Bitcoin price has formed a potential mid-term reversal pattern on the daily timeframe. Additionally, the flagship coin has formed a potential head and shoulders (H&S) pattern coupled with bearish divergence on the daily relative strength index (RSI).
However, Bitcoin price has been closing above the 50-day moving average (MA), indicating that bulls are gradually emerging. Amid muted bullish sentiment from the crowd, a potential unexpected rally could quickly push Bitcoin prices past $100,000.
In this case, Bitcoin price must consistently close above the resistance around $99,300 to initiate the next parabolic phase.
Fundamental Outlook
The cryptocurrency industry is slowly gaining bullish momentum ahead of the inauguration of Donald Trump’s second term. As of this writing, total BTC futures open interest (OI) has surged by more than 13% in the past 24 hours, hovering around $63.3 billion.
As the supply of Bitcoin on centralized exchanges continues to decline to approximately 2.21 million, it is certain that the Bitcoin macro bull rally is not over yet.
