- BTC topped $102k on the charts, but will it climb higher into the weekend?
- Options traders expect massive upside price swings into the weekend
Bitcoin‘s price surpassed $102k once more on the graphs, prior to Donald Trump’s inauguration as President, which is set for 20th January.
The surge in BTC’s price has moved it beyond crucial moving averages, providing a robust indication of a positive trend ahead. As we approach the inauguration, the query arises: In which direction might the cryptocurrency head from here on?
Will Bitcoin extend its rally?
On the daily chart, it surpassed $100k and then revisited this level as support, strengthening the indication of an ongoing upward trend. This contrasts with the previous spike to $102k on January 6 – a divergence from the $100k before the price significantly dropped off.
The potential bullish goal lies within the supply zone and the bearish resistance block, ranging roughly from $105,000 to $108,000 (marked in red). If the $108,000 barrier is surpassed, the next significant level to watch would be approximately $122,000. Given that the daily RSI shows no signs of indicating an overly heated market, there’s a possibility for this recovery to prolong itself.
Despite the recent increase to $102k, there wasn’t a significant rise in trading activity – a mild warning for optimistic investors. In case of a reversal, the levels at $100k, moving averages around $97k and $95k, or even the low end of the range at $90k could be important points to monitor closely.
Liquidity grab to $103.5k?
Moreover, the liquidation map from Coinglass indicates that Bitcoin might reach around $103,500. This significant liquidity group may function as an attractive price pull.
From a less expensive perspective, both $100,500 and $98,800 contained certain areas of liquidity as well, potentially influencing the price rise, particularly during periods when prices were decreasing.
Simply put, if the mentioned levels are reached, it could be due to a surge driven by the need for liquidity. Yet, with limited liquidity available above $103,000, a short squeeze at this level might propel the price towards the predicted range of $105,000 – $108,000 or even beyond.
As an analyst, I’d like to highlight that my analysis indicates a highly volatile market scenario over the weekend, as suggested by the 25-Delta Risk Reversal (25RR). This anticipates approximately 6 and 4 volatility points for Saturday and Sunday Option expiries respectively. In simpler terms, we’re bracing for significant market fluctuations during these days.
Because the 25RR indicated positivity, it signifies that traders have been valuing significant price fluctuations towards an increase, and they’ve been willing to pay more for call options, reflecting a bullish stance.
Read Bitcoin [BTC] Price Prediction 2025-2026
In simpler terms, there’s a possibility that Bitcoin may surge over the weekend, potentially reaching prices between $105,000 and $108,000 quickly, if the predictions from the Options market prove accurate.
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2025-01-17 23:03