Highlights
Bitcoin (BTC) price hit $100,000 again after rallying 13% since January 13. This impressive uptrend is at an impasse, where it could stop and reverse. Due to the high chances of reversal, BTC could provide an opportunity to accumulate if it stabilizes around key support levels. A bounce here could kickstart the next leg of the bull run. Will the uptrend begin or push Bitcoin to slip into sideways movement again?
After a 4% growth on Wednesday, January 15, Bitcoin price today trades at $99,875.0 after dropping -0.36%. If this pullback extends, investors should watch for key support levels to determine if a reversal will unfold or extend the losses, undoing recent gains. As a result of the recent uptrend, Ethereum (ETH) and Ripple (XRP) also registered -4.26% and 17.83% gains, respectively.
Bitcoin chart today shows recovery as it trades around $100K.
*bitcoin price updated as of 11 PM
Data from Santiment shows that the 1-hour active address indicator spiked to 132K on January 15. This spike suggests that more investors are interested in BTC at the current price levels. Considering Bitcoin price hit $100K yesterday, it makes sense for investors to flip bullish. However, the recent uptick is the second largest spike after Decemebr 17, when BTC hit an all-time high of $108,421.
From a technical standpoint, Bitcoin price continues to oscillate between the $99.6K to $93.3K range. 70% of the volume traded since November 21, 2024, occurred between these two levels. Hence, the extremes of this range have served as good levels to buy and sell BTC.
The January 13 dip slid below the range low of $93.3K to sweep the equal lows formed at $90.8K. Bitcoin promptly recovered after this sweep, triggering a 13% rally to set up a local top at $100.7K. While the bounce was impressive, it showed signs of reversal as it entered the four-hour imbalance zone, extending from $98.3K to $100.4K. This level coincides with Fibonacci tools’ high probability reversal zone, extending from 61.8% to 79%. Hence, the chances of reversal are high.
The buy zone, extending from $95,3K to $93.5K is a good place where investors can expect Bitcoin price to attempt a reversal. Investors who missed the initial rally can accumulate BTC here. This zone, coincides with the range’s lower limit of $93.5K making it a high probability reversal zone.
If BTC produces a higher low here, Bitcoin price prediction suggests that the next leg will resume the uptrend and set up a new high at $118,467.
In conclusion, Bitcoin’s recent uptrend has reached a critical point where it may either continue its ascent or reverse and potentially enter a sideways movement. Investors should closely watch key support levels, as a bounce could trigger the next leg of the bull run. With the spike in active addresses and technical analysis suggesting a high probability of reversal, Bitcoin price prediction indicates a potential opportunity for accumulation.
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This content is purely for educational purposes and should not be considered as financial advice. Do your own research before investing in any crypto platform and only invest the amount you can afford to lose.
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