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The Bitcoin price surged 5% in the last 24 hours to trade at $103,945 as of 8:54 p.m. EST on trading volume that soared 25% to $69.4 billion.
This comes amid optimism in the crypto industry ahead of the upcoming inauguration of the US President-elect Donald Trump on Monday, January 20th. The upward trajectory is largely attributed to the anticipation of crypto-friendly policies under the incoming administration.
Bitcoin Price Indicators Suggest A Potential Breakout
The BTC price analysis on the 1-day timeframe exhibits a strong bullish trend. After a prolonged period of sideways consolidation earlier in the year, the Bitcoin price broke out decisively, as indicated by the large green arrow.
A critical price pattern visible here is the sideways pattern within the $92,572-$103,913 range around, according to GeckoTerminal data. This area previously acted as resistance during the consolidation phase but turned into a robust support level after the breakout.
The current price of Bitcoin, at $103,945.67, is testing resistance levels near $104,000, which aligns with prior price peaks. This suggests a potential breakout is on the horizon if bullish momentum persists.
Additionally, the price of BTC is well-supported by the 50-day Simple Moving Averages (SMAs), which are sloping upwards and provide dynamic support. The 200-day SMA is trending below the price, signifying a healthy long-term uptrend.
The Relative Strength Index (RSI) is currently at 63.83, signaling bullish momentum, but is not yet in the overbought territory (above 70). This indicates room for further price appreciation without an immediate risk of a correction. The RSI’s gradual rise reflects strengthening buying pressure.
Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bullish crossover, with the MACD line (blue) trending above the signal line (orange). The histogram is positive, reinforcing the bullish outlook. This momentum indicator suggests that upward price action is likely to continue in the near term.
BTC Poised For A New ATH Above $110,000
Given the bullish alignment of key indicators and the current price trends, the Bitcoin price is likely to test and potentially break the $104,000 resistance in the short term.
If it successfully breaks this level, the next significant upside target would be around $110,000, marking a psychological and technical resistance zone and overcoming the previous all-time high (ATH) at $108,135.
However, if the price of Bitcoin faces rejection at $104,000, a pullback toward the $97,000–$98,000 range (near the 50-day SMA) is plausible, where strong support lies.
As BTC surges, investors are also buying up meme coin Flockerz (FLOCK) as a FOMO frenzy builds around the token with less than 4 days left in its presale
According to 99Bitcoins, a popular crypto channel on YouTube with over 721K subscribers, FLOCK has the potential to soar 100X after its launch.
Flockerz Meme Coin Presale Ends In Less Than 4 Days—Last Chance To Buy
Flockerz has seen its fundraising accelerate, with the total now sitting at $10.5 million. The project is the first meme coin to introduce the vote-to-earn (V2E) mechanism, which allows community holders, specifically $FLOCK token holders, to vote on key decisions regarding the project.
In this way, FLOCK holders have a say in critical decisions such as protocol changes, budget allocations, adjustments to tokenomics, grant approvals, investment strategies, and so on.
This takes decentralization a step further, paving the way for how meme coin projects may evolve in the coming years.
POV: Your 2025 with The Flock! 💙🤑 pic.twitter.com/AkIKSJ3o8p
— Flockerz (@FlockerzToken) January 17, 2025
Investors who participate early can also unlock access to a huge 266% annual percentage yield (APY) by staking their newly purchased FLOCK.
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0066883 per token using BNB, ETH, USDT, or a bank card.
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