Bitcoin Price Ready for A New Record High Above $110K, After Stabilizing at Support
Bitcoin has stabilized above $95K in the last several days, with support indicators catching up, which should help BTC resume the next bullish wave.
BTC/USD surged higher in Q4 of 2024, with the risk sentiment for cryptocurrencies being boosted by Donald Trump’s re-election and the Ripple XRP progressing its case against the SEC. However, Bitcoin has been on a consolidation mode since December, after climbing above the major level at $10,000.
We saw a fresh record high on January 20 as Donald Trump took office, also mentioning the BITCOIN fund, which sent BTC to $109,987, but that was a bit much for buyers and the price retreated back down quickly. During these two months, Bitcoin has formed a strong support zone above the $90K level, where buyers keep coming in, indicating strong buying pressure down there.
Bitcoin Chart Daily – The 100 SMA Should Help BTC Buyers Now
In fact, BTC held quite well during the retreat following the flash crash in markets a week ago, after the release of cheap DeepSeek. That sent shockwaves through markets, lowering costs for the AI sector and sending tech stocks diving hard. That crash pulled cryptocurrencies down as well, with Ripple and Ethereum losing about half their value.
BTC held pretty well instead, and it has been showing resilience during this past week, consolidating in a tight range. The price has formed several doji candlesticks on the daily chart, which signal a bullish reversal after the retreat. The 100 Daily SMA (green) has also caught up with the price, which should offer more support for Bitcoin and send it higher on the next bull phase, most likely breaking above $110K. So, we are looking to open a buy Bitcoin signal around here, considering that the last dip to $90K on Monday was bought pretty quickly by buyers. We might even see BTC surging to $120K if the momentum is right and the FED and the US CPI inflation report fall in line.
Bitcoin Live Chart
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