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The Bitcoin price jumped over 2% in the last 24 hours to trade at $94,204 as of 02:13 a.m. EST on trading volume that skyrocketed 163% to $72 billion.
The crypto market recovered after its latest correction, which saw Bitcoin (BTC) drop below $90K in the last 24 hours. During this correction, BTC plunged to a 2-month low to $89,260.10, but has since bounced back.
This pullback comes as JPMorgan Chase CEO, Jamie Dimon, continues to criticize Bitcoin. According to Dimon, Bitcoin itself has no intrinsic value.
In an interview with CBS News on Sunday, Dimon said, “It’s used heavily by sex traffickers, by money launderers, ransomware. So, I just don’t feel great about Bitcoin.”
Jamie Dimon, CEO of America’s largest bank says: "You're going to have some kind of digital currency at one point. So I'm not against crypto. You know, Bitcoin itself has no intrinsic value. It's used heavily by sex traffickers, money launderers, ransomware."
"So I just don't… pic.twitter.com/Rc7jkl0GtR
— Camus (@newstart_2024) January 14, 2025
Bitcoin Price Poised For A Rebound
The BTC price is consolidating between a key resistance zone near $102,000 (orange line) and a support zone around $91,635. This range-bound movement suggests a phase of indecision between bulls and bears.
The Bitcoin price is trading below the 50-day Simple Moving Average (SMA), which is acting as a dynamic resistance at $97,210 but remains above the 200-day SMA, which is at $73,708.87, according to data from GeckoTerminal. The current orientation of the two EMAs suggests that the long-term trend is still bullish.
BTC’s recent breakdown below the 50-day SMA signals potential weakness, but the $90,000 support zone has held firmly so far.
Meanwhile, the Relative Strength Index (RSI) is currently at 47, which is in the neutral zone but leaning slightly toward bearish strength. This reflects a lack of strong buying pressure and hints at possible further consolidation or downside movement if support fails.
BTC Price Could Still Rally
If the Bitcoin price breaks above $100,000, the next target would be the previous highs near $110,000. A sustained breakout above $110,000 could then trigger a continuation of the bullish trend, potentially aiming for $120,000 and higher levels in the long term.
However, if the price fails to hold the $90,000 support and breaks below it with increased selling pressure, the next major support would be near the 200-day SMA at $73,708. A breakdown to this level would likely shift the trend to bearish, with further downside potential.
As the Bitcoin price surges, investors are rushing to buy Best Wallet (BEST), which Crypto Gains, a YouTuber with more than 144K subscribers, says has the potential to soar 10X after launch.
Best Wallet Crosses $7 Million In Presale
Best Wallet is an innovative cross-chain Web3 wallet supporting 60+ blockchains, featuring a built-in DEX, presale aggregator, and crypto debit card. Its native token, BEST, powers an ecosystem designed to simplify on-chain activities while minimizing security risks, making it a standout in the competitive crypto wallet space.
Best Wallet is quickly gaining traction and is now competing with popular wallets like Trust Wallet and MetaMask, with the potential to outpace them due to its unique features.
💎 What can holding $BEST unlock for you? 💎$BEST isn’t just a token—it’s your key to maximising everything Best Wallet has to offer:
✔️ Get early access to new projects
✔️ Reduced transaction fees
✔️ Enjoy higher staking rewards
✔️ Exclusive token airdropsDownload Now 📲… pic.twitter.com/JpnCMgWQjc
— Best Wallet (@BestWalletHQ) December 23, 2024
A key feature that sets Best Wallet apart is its “Upcoming Tokens” section, a presale aggregator that identifies high-potential projects. This feature has already delivered impressive results after recently flagging Crypto All-Stars to investors before it skyrocketed 1,373%. Other breakout tokens identified by this feature include Pepe Unchained and Catslap, which also soared after their respective launches.
Investors can also stake BEST tokens for a huge 265% annual return, and can join the project early by buying BEST tokens today for just $0.0236.
Buy BEST tokens here before a scheduled price increase in less than 48 hours.
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Best Wallet - Manage Your Crypto
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