In a dynamic turn of events, Bitcoin’s price surged past $100,000 as trading commenced on Wall Street on January 6, marking a notable increase of over 3% in daily gains. The cryptocurrency reached a peak of $101,506 on Bitstamp amid heightened activity in the market. This significant rise follows MicroStrategy’s announcement of its first Bitcoin purchase in 2025, adding 1,070 BTC to its holdings, bolstering investor interest.
As Bitcoin continues to ride this upward momentum, traders are keenly observing liquidity shifts, particularly the dismantling of a substantial sell order at the $100,000 level on Binance. According to market analyst Skew, new bids are emerging, which are crucial for sustaining the rally. Data from CoinGlass reflects a substantial liquidity sweep, with 24-hour BTC short liquidations reaching $36 million.
Prominent trader and analyst Rekt Capital emphasizes the importance of a daily close above $101,000 for Bitcoin to re-enter price discovery territory. The range between $91,000 and $101,000 remains pivotal, with a decisive close needed to break the upper boundary and replicate the gains observed in early December 2024. Historically, Bitcoin rallies to $101,000 often extend to at least $103,000, making this resistance level critical for further advancement.
Meanwhile, macroeconomic factors are being closely watched, with QCP Capital noting the upcoming inauguration of US President-Elect Donald Trump on January 20. Although no immediate Trump-related impacts are anticipated, market participants remain alert to potential developments that could affect Bitcoin’s trajectory. Attention is now turning to the first US jobs report of the year, slated for January 10, as a significant upcoming indicator.
Despite the current lack of crypto-specific catalysts, funding rates are markedly lower compared to when Bitcoin initially breached the $100,000 milestone, suggesting a tempered sentiment in the market. As investors continue to navigate these developments, the focus remains on maintaining key thresholds to sustain Bitcoin’s impressive start to the new year.
