Bitcoin “fully gassed” to leave behind $100,000 BTC price – Analysis

Bitcoin tested $100,000 support on January 21 as the dust settled following the inauguration of US President Donald Trump.

BTC Price Targets Focus on Below $100,000

Data from Cointelegraph Markets Pro and TradingView showed sellers maintaining pressure on Bitcoin’s (BTC) six-digit price limit.

Inauguration Day offered plenty of volatility but ultimately disappointed Bitcoin bulls, as Trump made no mention of Bitcoin, crypto, or a U.S. strategic reserve involving them.

Long positions therefore suffered on the day, with 24-hour crypto-long liquidations around $500 million at the time of writing, according to data from monitoring resource CoinGlass.

“$BTC targets the closest liquidity on both sides,” wrote trading platform Hyblock Capital in part of its latest update on X.

Traders have been considering the idea of ​​another liquidity sweep in the mid-to-high $90,000 range.

“I would take a long position of 99.5K~ if offered. I think the gray box should take into account the local uptrend and it makes sense to sweep all the Trump preparatory and news information,” Crypto trader Chase told X followers next to the 4-hour chart .

“I would also accept a sweep of the low of 97K, but that’s the maximum it should go. Any time past 96-97K and my plan/reading is probably wrong. Inval low 90’s, aiming for new ATHs.

Another trader, XO, argued that the December BTC price range was still under control, with lows around $90,000 and highs at $108,000.

“December High and Decembers Low define the key range for me. Acceptance from either side will most likely result in a trend,” they said.

“For now, the market will continue to speculate both up and down, but in truth it is just another range and that is where I remain focused.”

Bitcoin ‘Turbulence Index’ Indicates Breakout

Trader and analyst Matthew Hyland highlighted the near-term importance of Bitcoin’s 10-day simple moving average (SMA), currently at $99,969.

Related: $9Trump’ p ‘plunge protector’on’ — 5 things to know about Bitcoin this week

“BTC is a real daily candle here. I mined the 10 SMA, then made new all-time highs, then got back below resistance but still above the 10 SMA,” he told X followers.

“On this 10 SMA trajectory, it will have to decide by Friday whether to return to the upside or lose the 10 SMA.”

In a new update, James Check, creator of on-chain data resource Checkonchain, predicted that a new BTC price trend would emerge sooner rather than later.

This is thanks to the Choppiness Index, a volatility tool now signaling the end of a period of sideways movement.

“The Bitcoin Choppiness Index is fully gassed and ready to trend,” Check announced that day.

“As we mentioned in late November, the thesis was that we probably had several weeks of consolidation before we properly moved away from the $100,000 level. We are there.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.