Bitcoin price has kicked off 2025 with remarkable gains, building on its impressive 125% surge in 2024. After breaking through multiple resistance levels last year, Bitcoin recently crossed $97,000, fueling optimism about reaching the much-anticipated $100,000 milestone this week. While many altcoins struggle to recover, Bitcoin’s performance continues to dominate the crypto market, potentially setting the stage for broader adoption and renewed investor confidence.
Is Bitcoin Price Set to Surge Past $100K Again This Week?
Bitcoin price soared to an all-time high of $108,850 on December 17, 2024. However, a sharp sell-off ensued, pulling the price down 15% over the past two weeks. Bitcoin dropped to $91,500, signaling a significant market shift.
The sell-off was largely attributed to the U.S. Federal Reserve’s hawkish tone during the FOMC meeting on December 17. The central bank hinted at reduced rate cuts in Q1 2025, shaking investor confidence. Market volatility followed as traders adjusted their strategies to align with the updated economic outlook.
Despite the recent decline, Bitcoin’s price trends turned positive on Monday, supported by slight recoveries across the crypto market. The global cryptocurrency market cap rose by 0.38% in the past 24 hours, reaching $3.42 trillion. Simultaneously, total market trading volume increased by 1.24%, hitting $114.96 billion.
Market analysts remain optimistic about the potential for a rebound. Regulatory support under the incoming Trump administration could provide a boost for digital assets in 2025. President-elect Donald Trump’s inauguration on January 20 is expected to reignite bullish sentiment in the cryptocurrency sector.
Bitcoin ETF Outflows Hit Record High
Bitcoin price movements are drawing attention as BlackRock’s Spot BTC ETF ($IBIT) recorded historic net outflows of $300.8 million. On January 2, total Bitcoin spot ETF outflows reached $242 million. BlackRock’s IBIT saw net outflows of $332 million, while Bitwise ETF BITB recorded inflows of $48.3 million.
Fidelity ETF FBTC also gained $36.2 million in net inflows. These figures highlight contrasting trends within Bitcoin ETFs, signaling shifts in investor preferences and market dynamics entering the new year.
Bitcoin Price Analysis
Bitcoin price has shown resilience as it hovers around the $96,500 mark at the time of writting with 1% in the past 24-hours. The cryptocurrency recently tested support levels near $92,000, signaling robust buying interest at lower price ranges.
Technical indicators highlight an optimistic outlook for Bitcoin. The Relative Strength Index (RSI) currently sits at 56, suggesting a moderate upward trend without overbought conditions. Meanwhile, the Moving Average Convergence Divergence (MACD) reflects growing bullish momentum as it crosses into positive territory, bolstered by increasing green histogram bars.
Key resistance levels are identified at $100,000 and $108,000. A breach above $100,000 could ignite a rally, potentially leading to fresh all-time highs. On the downside, $92,000 and $90,000 serve as crucial support zones, with a breakdown below $90,000 potentially triggering a broader correction.
Source: TradingView
Conclusion: the Bitcoin price potential to surpass $100K reflects its dominance. Market optimism, technical indicators, and regulatory factors could trigger new all-time highs.
