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The Bitcoin price has climbed 1.5% in the last 24 hours to trade at $104,653 as of 8 p.m. EST on a 50% slump in trading volume to $47 billion.
This comes as Nasdaq filed a request to the Securities and Exchange Commission to allow it to make in-kind redemptions for BlackRock’s iShares Bitcoin Trust (IBIT).
JUST IN: BlackRock's Bitcoin ETF now allows in-kind redemption, enabling investors to exchange their shares for actual Bitcoin instead of cash. pic.twitter.com/3zeKqZj2Bp
— Michael Saylor ⚡ Founder of MicroStrategy (Parody) (@Saylorsatsire) January 24, 2025
The move would let institutional investors trade IBIT shares directly for Bitcoin, enhancing efficiency and responsiveness to market demand. Retail investors, however, remain excluded from this process.
Initially, the SEC required cash-only redemptions when approving spot Bitcoin ETFs, avoiding direct Bitcoin handling by brokers. BlackRock’s IBIT, now the largest spot BTC ETF, has attracted $40 billion in inflows within its first year, making it as the most successful ETF launch to date.
Bitcoin Price Nears $110K Resistance, Encounters A Correction
The BTCUSDT price action in the 1-day timeframe provides key insights into its recent performance and potential future movement. A key resistance level is clearly defined around $110,000, where the price has struggled to break through twice, forming a double-top pattern that is often a bearish reversal signal, becoming a critical barrier for further upward movement.
On the downside, a strong support level is identified near $96,500. This level has served as a safety net for the price, with buyers stepping in to prevent further declines each time the price approaches it. If the price fails to sustain current levels or breaks below this support, it could trigger a bearish move, potentially leading to deeper corrections.
BTCUSDT Analysis Source: Tradingview
Bitcoin Price: Bullish Indicators May Signal A Pullback Soon
The RSI (Relative Strength Index) provides further context, currently reading 60.44. This indicates a bullish bias, as the RSI remains below the overbought zone of 70 and that Bitcoin price has room for further upward movement. However, traders should be cautious, as an RSI approaching overbought region often signals potential exhaustion in buying pressure.
The chart indicates that before any major breakout or breakdown, Bitcoin may revisit the $101,500–$102,000 range as a short-term rebound zone, aligning with the current trendline support. The break above the symmetrical triangle pattern adds to the bullish narrative, indicating that Bitcoin could continue its upward trajectory if resistance is breached. If Bitcoin successfully breaks above the $110,000 resistance, the next target will be $130,000.
On the flip side, if Bitcoin fails to break through the resistance, a pullback to $96,500 support is likely. A breach of this support could signal a deeper bearish trend, possibly leading to a retest of lower levels. Monitoring the RSI and price action near these key levels will determine the next major move in the BTC/USDT market.
Meme Index Presale Nears $3 Million – Next Crypto To Explode?
While Bitcoin resumes an upward trajectory, investors are also pumping money into the presale for Meme Index (MEMEX), the first decentralized project to offer investors vehicles for diversified investing in meme coins. It’s already raised over $2.88 million.
MEMEX simplifies investing in meme coins with four portfolios: Meme Titan, Meme Moonshot, Meme Midcap, and Meme Frenzy. Each portfolio is designed to cater to different risk appetites, allowing investors to go with the option that best suits their preferences.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
If you love high-risk, high-reward opportunities, the Meme Frenzy portfolio focuses on new and volatile meme coins. It’s risky but offers the chance for huge returns. On the other hand, The Meme Titan Index includes the biggest meme coins by market cap and is thus relatively more conservative.
All the portfolios adapt to market trends and are adjusted according to community votes.
Popular YouTuber ClayBro, with over 135k subscribers, predicts that MEMEX could surge 26X in value after launch.
Investors can also stake their tokens for a huge 819% annual yield.
Right now MEMEX tokens are priced at $0.0155312 and can be bought using ETH, USDT, BNB, or a bank card. Buy before a price hike in less than 22 hours to secure the best deal.
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