Bitcoin early year rally on track for 6th consecutive gain nears $100k
Bitcoin is off to a stellar start in 2025, gaining 7% so far this year and currently challenging the critical $100,000 resistance level.
This milestone, which has acted as a cap in recent weeks, is now under renewed pressure as the market evaluates fresh buying momentum driven by U.S.-based investors and institutional demand.
BTC price dynamics (October 2024-January 2025). Source: TradingView.
Bitcoin has maintained five consecutive days of gains to kick off the year and looks poised for a sixth, fuelled by strong Asian session trading today. The market appears to be pricing in optimism ahead of the upcoming January 20 inauguration, with some analysts dubbing it a Trump-led Bitcoin rally.
Adding to the bullish narrative, the Bitcoin Coinbase Premium Index, a key metric comparing buying activity on Coinbase versus Binance, reveals increasing interest from U.S. investors. Recently, the index broke above its 14-day Simple Moving Average (SMA14) for the first time in months, approaching neutral territory. This shift highlights growing buying pressure from U.S. based participants, often regarded as influential market movers. Sustained levels above the SMA14 and a push into positive values would confirm this trend and potentially trigger a bullish rally.
Bitcoin price prediction: $100,000 target in sight with strong US buying pressure
Technically, Bitcoin faces a decisive moment. A clear break above the $100,000 psychological barrier could pave the way for further upside. On the downside, immediate support is found near the 50-day Exponential Moving Average (EMA) at $94,500, providing safety for short-term corrections. Momentum indicators further lend to a positive outlook. The Relative Strength Index (RSI) is trending above the midpoint of 50, indicating potential for continued upward movement in the medium to long term.
The combination of renewed U.S.-based institutional interest, consecutive daily gains, and a promising technical setup suggest Bitcoin could be on the verge of a significant breakout to confirm the heightened demand and signal the start of a broader rally.
$1.9 billion in crypto options contracts expired at the start of the year heightening market volatility. This came following Bitcoin surged of over 4% to $97,500 before retracing to $96,000
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