Last updated:
Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
Share
Why Trust Cryptonews
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Bitcoin (BTC), the world’s largest cryptocurrency, continues its upward momentum, now trading above $102,000. With a 3.24% gain over the past 24 hours and a market cap exceeding $2 trillion, Bitcoin is inching closer to the key $100,000 psychological level.
This surge has been driven by strong institutional interest, adoption across global markets, and reduced selling pressure.
Institutional Adoption Powers Bitcoin’s Rise
Institutional investors continue to play a critical role in Bitcoin’s rally. MicroStrategy recently announced plans to raise $2 billion in early 2025 for further Bitcoin purchases, aiming to hold $21 billion worth of BTC by 2026. With $44 billion in Bitcoin already under its belt, the company’s aggressive strategy has bolstered market confidence.
Similarly, Japan’s Metaplanet, known as “Asia’s MicroStrategy,” aims to hold 10,000 BTC by the end of 2025, emphasizing innovative adoption strategies.
Led by CEO Simon Gerovich, the firm’s focus on leveraging financial tools and strategic partnerships has positioned it as a major player in Bitcoin adoption across Asia.
Recent ETF inflows of $900 million on January 3, 2025, signal renewed institutional enthusiasm. However, trading volumes remain below the levels needed to push Bitcoin decisively past the $100,000 resistance. While optimism is high, the lack of sustained trading activity could limit further gains in the near term.
Bitcoin Technical Outlook: Momentum Builds but Challenges Persist
Bitcoin is trading at $102,030, up 3.25%, with a 24-hour trading volume of $51.28 billion. A breakout above a significant descending trendline has shifted market sentiment to bullish.
Immediate resistance is at $103,593, with further targets at $105,801 and $108,432.
On the downside, key support lies at $100,734, followed by $97,324 and $94,758. The 50-day EMA at $97,632 serves as a robust floor for the price, reinforcing bullish sentiment.
The RSI stands at 64, indicating moderately overbought conditions but leaving room for continued upward momentum.
Key Insights
- Resistance Levels: Immediate at $103,593, with next targets at $105,801 and $108,432.
- Support Levels: Strong at $100,734, followed by $97,324 and $94,758.
- Momentum: RSI at 64; a breakout above descending trendline signals potential for continued gains.
Bitcoin’s path to $100,000 remains optimistic, driven by institutional interest and bullish technical patterns. However, breaking resistance will require sustained volume and market momentum.
You might also like
$BEST Wallet: Web3 Simplified, $6.5M Raised in Presale
Best Wallet is redefining Web3 with an innovative platform that supports thousands of cryptocurrencies across 50+ major blockchains, including Bitcoin and Ethereum. It enables users to securely buy, sell, and swap assets within and across chains—without requiring KYC verification.
The $BEST token presale has already raised a remarkable $6.5M and there are less than 24 hours remaining until the next price increase. Currently priced at $0.0235, $BEST offers exclusive rewards and early access to projects within its rapidly expanding ecosystem.
Why Invest in $BEST?
- Utility-Driven: Designed for seamless use in DeFi, staking, and token claims.
- Early-Mover Advantage: Gain access to presale perks and exclusive project launches.
- Expanding Ecosystem: Rapidly growing community with partnerships on trending platforms like Pepe Unchained.
Best Wallet continues to attract attention, as reflected by active engagement on its Twitter and Telegram channels.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
