To receive the Morning Note in your inbox, subscribe here: https://stormrake.substack.com/
Seven days into the new year, Bitcoin has delivered consistent positive daily returns, officially reclaiming the $100k level. In doing so, Bitcoin has flipped every market structure back in favor of the bulls and likely completed its first bull market correction. Our attention now turns to Bitcoin’s all-time high (ATH) of $108.4k.
The recent correction, which began following Trump’s victory in early November, marked the first significant, prolonged pullback of this cycle. Lasting 13 days, Bitcoin dipped to a low of $91.5k on December 30. During this period, skepticism was rife. Many anticipated Bitcoin breaking below $90k, with some even speculating that a head-and-shoulders pattern could drive it as low as $80k.
As Bitcoin often does, it defied expectations. Rising 12% from its December 30 low, the recovery has sidelined many of those who doubted its resilience. The bearish structure has been decisively nullified, with Bitcoin regaining bullish momentum across all timeframes.
Now just 6% away from its ATH, Bitcoin appears well-positioned to test and potentially surpass this milestone. The upcoming inauguration of President Trump, less than two weeks away, is expected to heighten volatility and enthusiasm, providing an ideal catalyst for another record-breaking move.
While Bitcoin has led the charge, the altcoin market has followed suit with impressive gains. Notable performers like Solana and Dogecoin have surged 17% and 25%, respectively, over the past week. Additionally, projects like Sui and Cetus, which we spotlighted yesterday, continue to make waves.
Stormrake Spotlight: Hyperliquid (HYPE) ($25.36)
Stormrake Spotlight: Hyperliquid (HYPE) ($25.36)
Hyperliquid is a decentralised perpetual exchange built on its proprietary layer 1 blockchain. HYPE captured significant attention in December, rocketing into the top 25 cryptocurrencies by market cap. Currently trading at $25.36, HYPE has gained over 600% since its November 29 low and briefly reached an ATH of $35.05.
A deep dive into this promising project is in the works—stay tuned by subscribing to our Morning Note and Thunder Trading updates so you don’t miss it.
BTC/USD Key Levels and Price Action:
BTC/USD Key Levels and Price Action:
Bitcoin has leveraged its bullish momentum to reclaim $100k and is now approaching the next key level at $102.6k. This level, which has alternated as support and resistance in recent weeks, is expected to play a pivotal role again. Should Bitcoin break through, the next target is the new monthly resistance CPR (green dotted line) at $104.4k.
In December, a similar move saw Bitcoin reach this level, set a new ATH, and then correct. On the way up, the 21 and 55 EMAs will provide robust support, aiding Bitcoin’s progress toward $108.4k.
BTC Total ETF Flows for 6 Jan: $ +229.1 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 started the year strongly against Bitcoin but has retraced nearly 4% in the last two days relative to BTC. Overnight, ETH reached a critical resistance level at $3,724 before experiencing a slight pullback. The 21 EMA has stepped in as support, maintaining Ethereum’s upward trajectory.
Key resistance remains unchanged at $3,724, while the 21 and 55 EMAs are expected to act as support, providing a foundation for potential gains in the coming days.
ETH Total ETF Flows for 6 Jan: $ N/A Million
(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
Create a brokerage account today
No Advice Warning
The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.
Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.
Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2024 Stormrake Pty Ltd, All rights reserved
