Bitcoin Jumps Above $101,000 To Start 2025
Bitcoin surged past $100,000 at the Wall Street open on Jan. 6, marking a return to six-figure levels as bulls swept liquidity.
Data from TradingView revealed a sharp spike, with BTC/USD reaching nearly $101,506 on Bitstamp.
This move positioned Bitcoin at its highest levels since Dec. 19, kicking off the first full week of traditional finance (TradFi) trading in 2025.
The rally was fueled by a new buy announcement from business intelligence firm MicroStrategy, which added 1,070 BTC to its corporate treasury.
A significant "passive seller" on Binance, holding substantial ask liquidity at the $100,000 level, was among the notable casualties, according to popular trader Skew.
“New bids moving up here which is important for the support of rallies,” Skew commented in an analysis shared on X.
Data from CoinGlass highlighted the extent of the liquidity sweep, with BTC short liquidations reaching $36 million in the past 24 hours at the time of reporting.
Popular trader and analyst Rekt Capital emphasized that for Bitcoin to reenter price discovery, it would need a daily close at higher levels.
“On the Daily timeframe, Bitcoin is located inside a $91000-$101000 range,” he explained to followers on X., adding:
“Bitcoin will need to Daily Close and/or retest the $101k Range High to breakout, just like in early December 2024.”
In another post, Rekt Capital detailed the technical importance of $101,000.
“Every time BTC has rallied to $101k, it would overextend to at least $103k,” he noted, adding that $101,000 is critical as resistance to reclaim as support due to its confluence with an old technical uptrend.
Looking at macroeconomic factors that might influence Bitcoin's performance, trading firm QCP Capital pointed out that President-elect Donald Trump’s inauguration was two weeks away.
“Unlike previously, it’s also quite unlikely we get any Trump-related catalysts till after his 20-Jan inauguration. Frontend vols have also remained soft with a relatively neutral skew which indicate a similar sentiment,” QCP stated in a bulletin shared with its Telegram subscribers.
QCP also noted that funding rates were significantly lower than when Bitcoin initially broke $100,000 in early December.
“With no crypto-specific catalysts on the horizon, focus will be on the first US jobs report of the year this Friday (10-Jan),” the firm concluded.
Sources:
https://cointelegraph.com/news/btc-price-tops-101k-microstrategy-buy-bitcoin
https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE
https://x.com/52kskew/status/1876276539333243101
https://x.com/52kskew/status/1876282213991641174
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