Bitcoin continues its climb, once again reaching the $102,000 mark on the price charts. This trend has reinforced bullish sentiments in the market.
Bitcoin's Bullish Trend
The recent surge in Bitcoin's price has elevated it above key moving averages, reinforcing a bullish outlook. With Donald Trump's inauguration on January 20th approaching, many are questioning the future direction of the cryptocurrency. On the daily chart, Bitcoin broke out above $100k and retested it as support, suggesting a likely continuation of the upward trend.
Immediate Targets and Potential Hurdles
The immediate bullish target is the supply zone and bearish order block between $105K-$108K. If the $108k resistance is cleared, the next key level is at $122k. However, the recent move to $102k did not see a significant increase in trading volume, which should be a note of caution for bulls. In the event of a reversal, key levels to watch would be $100k, moving averages ($97k/$95k), or even the range-low at $90k. Coinglass's heatmap indicates the possibility of BTC tapping $103.5k.
Outlook for the Future
The 25-Delta Risk Reversal (25RR) projects potential market volatility over the weekend. With a positive 25RR value, traders seem to be anticipating significant price swings to the upside. Should the options market's insights prove accurate, Bitcoin may experience a sharp rally, swiftly targeting the $105k-$108k range.
Bitcoin's price increase and current market signals suggest potential for further gains, though caution is warranted due to possible corrections if the anticipated volume does not materialize.
