Bitcoin Trades 9.5% Above Its January Open as Bulls Defend the Uptrend

Bitcoin is trading around $95,396, roughly 9.5% above its Jan. 1 opening price of $87,500. As price action consolidates near the $95,000 level, traders remain confident that the short-term trend remains bullish, even as BTC approaches a major technical barrier.

Market Focus Shifts to the $98,000 Inflection Point

Bitcoin’s ability to return to six-figure territory depends heavily on reclaiming resistance near $98,000, which aligns with the short-term holder cost basis. This level represents a key inflection point that has not seen a convincing retest in recent price action and remains firmly on traders’ radar.

Short-Term Holder Profitability Seen as Key to Momentum

Glassnode analyst Chris Beamish noted that reclaiming the short-term holder cost basis would place recent buyers back into profit. Historically, this condition has been a prerequisite for renewed momentum and stronger upside continuation in Bitcoin’s price.

Holding the 21-Day Moving Average Keeps the Trend Intact

MN Capital founder Michael van de Poppe emphasized that as long as Bitcoin remains above the 21-day moving average near $91,200, the broader trend stays positive. Under these conditions, a move above $100,000 is viewed as a matter of time rather than probability.

Bitcoin Bounces From a Multi-Year Trendline Support

Analyst Mags highlighted that Bitcoin is rebounding from a long-term trendline that has held since March 2023. Each previous bounce from this support has resulted in a strong upside move, reinforcing confidence in the current recovery.

Historical Trendline Bounce Fueled a 172% Rally

The last notable rebound from this long-term support occurred in October 2023, which preceded a 172% rally to Bitcoin’s previous all-time high of $73,800, reached in March 2024. This historical precedent continues to shape bullish expectations.

Analysts Point to Institutional Demand and Onchain Strength

Several analysts expect Bitcoin to extend its rally into six-figure territory, citing whale accumulation, persistent institutional demand, and improving onchain metrics as key drivers supporting higher prices.

Ascending Triangle Signals a $113,000 Target

On the daily chart, Bitcoin is retesting the horizontal resistance of an ascending triangle pattern. This formation suggests a potential measured move toward $113,200 if bulls successfully break through overhead resistance.

Major Resistance Lies Between $96,000 and $99,500

A critical resistance zone spans from the 100-day EMA near $96,000 to the 200-day EMA around $99,500. Clearing this range would likely open the door for a rapid move toward the triangle’s upside target.

Bullish Divergences Reinforce Upside Bias

Analyst Matthew Hyland noted that Bitcoin is consolidating within an ascending triangle while displaying a confirmed weekly hidden bullish divergence. This combination typically favors continuation to the upside once resistance is resolved.

RSI Signals Strength Without Overheating

The relative strength index has climbed to 64, recovering from oversold conditions seen in mid-November. Analysts say this indicates strong momentum while still leaving room for further upside before entering overbought territory.

Bulls Eye $101,000 for Trend Confirmation

With bullish RSI divergence and a recent MACD crossover already in place, traders are now watching $101,000 as the next major level to reclaim. A break above this zone would likely confirm the broader bullish trend and strengthen the case for new all-time highs.