Bitcoin (BTC) continues to flirt with record-breaking levels, coming tantalizingly close to its all-time high of $109,000 as of January 22. Market data from TradingView reveals BTC trading within a pivotal range, with traders carefully eyeing key support levels to determine the next move.
Keith Alan, co-founder of Material Indicators, highlights the $100,000 mark as a critical pivot point, noting that a significant liquidity wall has recently been removed. “The door to retest $100K is open,” he stated, referencing Binance data that shows thin bid liquidity compared to a robust sell wall just above $110,000.
The door to retest $100k is open. pic.twitter.com/tf6qSAypde
— Keith Alan (@KAProductions) January 22, 2025
Bitcoin’s immediate hurdle lies in the $106,000 resistance level, seen as a critical breakout threshold. Analyst Rekt Capital emphasizes that a daily close above $106,000, followed by a successful retest, could trigger a historic rally. “This would set the stage for Bitcoin to challenge new all-time highs,” he noted.
#BTC
— Rekt Capital (@rektcapital) January 21, 2025
The confluent support area (green circle) has indeed acted as a floor that has enabled consolidation within the $101k-$106k range
Bitcoin is once again challenging the Range High for a breakout attempt from the range
Daily Close above the $106k resistance followed by a… https://t.co/yVdb5SnGr5 pic.twitter.com/xMY06O7675
Consolidation between $101,000 and $106,000 reflects the battle between bulls and bears, with $106,000 identified as the linchpin for upward momentum. Crypto analyst Cryptelligence adds weight to the bullish narrative, noting Bitcoin’s strong positioning above its weekly Point of Control (PoC) at approximately $103,000. “The corrective Wave 4 appears complete for Bitcoin, signaling potential bullish continuation,” he explained, aligning his analysis with Elliott Wave theory.
External factors, including the Bank of Japan’s anticipated interest rate hike, could influence market dynamics. However, analysts believe this move has already been priced in, minimizing its potential impact.
Overall, market sentiment remains optimistic, bolstered by traders’ confidence in Bitcoin’s ability to sustain its upward trajectory. With critical resistance at $110,000 looming, the next few days will be pivotal in determining whether BTC can cement its place in the record books.
Also Read: Coinbase CEO Brian Armstrong Predicts Bitcoin Price Surge with U.S. Bitcoin Reserve
As bulls prepare to challenge these levels, the $100,000 milestone has become more than just psychological—it’s the battleground shaping Bitcoin’s future trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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