Bitcoin (BTC) achieved a new all-time high of $109,114.88 earlier today, briefly reclaiming a valuation of $2.15 trillion. The leading cryptocurrency rose 3.82% in the past 24 hours but has since slipped to $108,241.38, marking a 1.2% decline from its peak.
Crypto analyst EGRAG CRYPTO emphasized the importance of BTC closing a four-hour candle above $109K to sustain momentum toward $120,000. Without this confirmation, he believes the rally may stall.
#BTC – It did no close as NEW ATH:
Now let us try the second Candle 3 hours 55 mins to go https://t.co/2SywmUxcxB pic.twitter.com/GwZxsRdQEl
— EGRAG CRYPTO (@egragcrypto) January 20, 2025
Previously, EGRAG suggested that Bitcoin needs to close a weekly candle above $103,000 to set the path for a test of $127,000. However, the analyst also warned that a retest of $77,000–$80,000 could occur before further upside.
On the four-hour chart, Bitcoin has formed three consecutive green candles, supported by increased accumulation. The gradient of key indicators points to potential short-term price gains.
Related: Bitcoin Rises Above $100K as Analysts Target $116K in January
Bitcoin’s rise beyond $100,000 coincides with heightened market volatility as Donald Trump’s pro-crypto administration assumes office today. Data from Coinglass shows $1.13 billion in liquidations over the past 24 hours, including $812.02 million in shorts and $318.82 million in longs.
Bitcoin Price Analysis: RSI and Bollinger Bands
On the daily chart, Bitcoin’s Relative Strength Index (RSI) reads 67.10, indicating that bulls remain dominant. The upward gradient suggests BTC is likely to set new highs in the near term.
Related: Bitcoin’s $100K Rally: Trump, Congress, and Crypto Adoption
Breaking through the upper Bollinger Bands further signals a potential rally, provided demand continues to grow.
The anticipated inflow into spot BTC ETFs in the U.S. later today is another factor expected to fuel Bitcoin’s upward trajectory.
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