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Bitcoin appears to be consolidating above $98,000, potentially setting up for a return above the psychological $100K level. With just two weeks until the Trump inauguration, Bitcoin has climbed 8% from its recent low of $91.5K, set a week ago.
Currently, Bitcoin is on track for its sixth consecutive positive daily close. The last time we saw such a streak was following the U.S. election in November, where Bitcoin recorded seven straight green days, rallying from $67K to $89K—a 30% surge without significant pullbacks. While this current rally hasn't mirrored the same explosive price action, the sustained bullish momentum is encouraging, especially after Bitcoin flirted with breaking below $90K again.
There is a strong likelihood that Bitcoin has found its short-term low in this correction. However, we are not entirely out of the woods yet. Bitcoin needs to create a higher high above $100K to fully confirm a bullish market structure. In the meantime, this upward momentum has sparked bullish sentiment across the broader crypto market, with several altcoins experiencing notable price action.
For example:
- Sui (SUI) has achieved another all-time high and now trades above $5.
- Cetus (CETUS) has surged 50% in just four days.
- Ethereum (ETH) has displayed relative strength versus Bitcoin, outperforming it by 5% since the start of the year.
Stormrake Spotlight: Fantom (FTM) ($0.83)
Stormrake Spotlight: Fantom (FTM) ($0.83)
Fantom is currently consolidating above the $0.80 level, forming a solid base for a potential breakout. This behavior is reminiscent of its price action in early December, where it established support at $1 before rallying to $1.40. If Bitcoin confirms its bullish momentum and breaks back above $100K, FTM is well-positioned to follow suit, potentially returning to its December highs.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has entered a period of consolidation after its move above $98K, encountering resistance at $98.7K while finding support near $97.5K. This consolidation phase is a healthy development, allowing BTC to gather momentum before its next upward leg. Key technical indicators to monitor include the 21-EMA and 55-EMA, both acting as crucial support levels. A sustained move above these supports could pave the way for Bitcoin’s advance to the next significant psychological and technical level of $100K.
BTC Total ETF Flows for 5 Jan: $ N/A million
(ETF flow data is sourced from https://farside.co.uk/btc/ and reflects figures at the time of writing.)
ETH/USD Key Levels and Price Action:
ETH/USD Key Levels and Price Action:
Ethereum continues its bullish trajectory, targeting the next resistance level at $3,724. After successfully breaking above all three middle CPR levels, ETH is maintaining strong upward momentum. The 21-EMA has been a critical support level throughout this rally and is expected to remain so as Ethereum climbs higher. Traders should watch this level closely for signs of continued strength.
ETH Total ETF Flows for 5 Jan: $ N/A Million
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
Bitcoin’s consolidation above $98K is a constructive signal for bulls, with the potential for further upside in both Bitcoin and the broader crypto market. Altcoins like Fantom, Sui, and Cetus are already capitalising on this momentum, and Ethereum is displaying promising relative strength. The market’s next significant test will be Bitcoin reclaiming $100K, a move that could reignite broader confidence and drive further gains across the board.
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*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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