Bitcoin surged past the $100,000 milestone during Wall Street’s Jan. 6 open, fueled by bullish momentum that propelled the cryptocurrency into six-figure territory.
BTC Price Eyes Daily Close Above $101K
Data from leading market trackers, including TradingView, recorded a sharp spike in Bitcoin’s value, with BTC/USD reaching as high as $101,506 on Bitstamp.
This marked Bitcoin’s highest price level since Dec. 19, as it kicked off the first full week of traditional finance (TradFi) trading in 2025.
The rally coincided with an announcement from MicroStrategy, the business intelligence giant, revealing its acquisition of an additional 1,070 BTC, bolstering its extensive Bitcoin holdings.
Market dynamics saw notable shifts, with Binance traders witnessing what analyst Skew described as the actions of a “passive seller” who had placed substantial sell liquidity near the $100,000 mark.
“New bids are moving up, which is critical for sustaining rallies,” Skew noted in his analysis shared on social media platform X.
The impact was evident in the liquidation data from monitoring platform CoinGlass, which showed short liquidations on BTC reaching $36 million within 24 hours.
Key Levels and Price Discovery
Renowned trader and analyst Rekt Capital emphasized the importance of Bitcoin securing a daily close above $101,000 to regain momentum for further upward moves.
“Bitcoin is currently trading within a $91,000–$101,000 range,” he explained to followers on X. “To initiate a breakout, BTC needs to close above the $101K level or successfully retest it as support, similar to its behavior in early December 2024.”
Rekt Capital further highlighted $101,000 as a pivotal technical threshold. Historical data suggests that whenever BTC surpasses this level, it tends to rally toward $103,000 or higher.
“Reclaiming $101K as support would align with a prior technical uptrend,” he added, sharing charts to illustrate this analysis.
Controlled Market Sentiment and Funding Rates
Meanwhile, macroeconomic developments remained a focus for traders. According to QCP Capital, market activity could stay subdued until the inauguration of President-elect Donald Trump on Jan. 20.
“Unlike prior cycles, we don’t expect significant Trump-related market catalysts before the inauguration,” QCP stated in a Telegram update, noting soft volatility levels and a neutral market skew.
Additionally, Bitcoin funding rates have remained more stable compared to their heightened levels when BTC initially crossed $100,000 in December 2024.
QCP concluded by directing attention to the upcoming U.S. jobs report on Jan. 10, which may influence broader market sentiment.
With Bitcoin once again crossing into six-figure territory, the market’s next moves will be closely watched for signals of sustained bullish momentum or potential resistance ahead.
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