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After a wave of FUD and a sharp sell-off triggered by the announcement of the US Department of Justice (DOJ) selling seized Bitcoin, the price of Bitcoin plummeted to a low of $91,150. Since that early low yesterday morning, we’ve witnessed a surge in bullish price action and heightened volatility over the past 24 hours. Bitcoin staged an impressive recovery, posting 13 consecutive hourly green candles, gaining nearly 4%, and breaking above $95,000.
This streak of bullish momentum was followed by a volatile correction of over 3% within the next five hours, bringing Bitcoin back down to $92,200. The level held as key support, with Bitcoin bouncing multiple times before a bullish candle nearly pushed it to $96,000. The price eventually settled around $94,700 at the time of writing. The broader crypto market mirrored Bitcoin’s recovery, with most altcoins gaining over 5%. Standout performers like Sui led the market, surging nearly 10% over the same period.
Despite the optimistic rebound, Bitcoin did set a lower low yesterday, maintaining its neutral market structure. However, the strong price action over the past day provides hope for bulls, suggesting that the FUD-driven correction may be nearing its conclusion. For a decisive shift in structure to favor bulls, Bitcoin must reclaim the recent high of $102,700. Until then, the structure remains neutral but leaning bearish.
Stormrake Spotlight: Hyperliquid (HYPE) ($20.86)
Stormrake Spotlight: Hyperliquid (HYPE) ($20.86)
Hyperliquid (HYPE) has mirrored broader market trends with a mix of bullish price action and notable volatility. While HYPE is up 2.5% on the day, it has underperformed compared to most of the crypto market, which saw larger gains.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin’s dramatic 24-hour price action is evident on the charts. BTC has been trading between two critical levels: $92,500 (support) and $95,700 (resistance). It has faced repeated rejections at $95,700, coinciding with the CPR level.
If Bitcoin fails to hold the 21 EMA and 55 EMA, another retest of the $92,500 support could be on the horizon.
BTC Total ETF Flows for 10 Jan: $ + 19.2 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 has underperformed Bitcoin over the past 24 hours, following a similar pattern of bullish momentum followed by heightened volatility. ETH is currently trading below all major moving averages and has been rejected twice by the 55 EMA.
The next key level for ETH appears to be $3,207, barring a strong resurgence in bullish momentum.
ETH Total ETF Flows for 10 Jan: $ N/A (data not available)
(ETF flow data is sourced from https://farside.co.uk/eth/ and reflects figures at the time of writing.)
*All prices are denominated in USD unless stated otherwise*
Written by Alexandar Artis
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