Bitcoin (BTC) punched through $100,000 at the Jan. 6 Wall Street open as bulls cleared liquidity for a return to six figures.
BTC/USD 1-hour chart. Source: TradingView
BTC price needs daily close above $101,000
Data from Cointelegraph Markets Pro and TradingView showed a snap spike taking BTC/USD to nearly $101,506 on Bitstamp.
Bitcoin thus began the first full TradFi trading week of 2025 at its highest levels since Dec. 19.
The move followed a fresh buy announcement from business intelligence firm MicroStrategy, which added another 1,070 BTC to its corporate treasury.
Among the casualties was what popular trader Skew described as a “passive seller” on Binance, the owner of significant ask liquidity at the $100,000 mark.
“New bids moving up here which is important for the support of rallies,” he reported in part of his latest analysis on X.
BTC/USDT 30-minute chart. Source: Skew/X
Data from monitoring resource CoinGlass clearly highlighted the liquidity sweep, with 24-hour BTC short liquidations at $36 million at the time of writing.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Continuing, popular trader and analyst Rekt Capital acknowledged that for Bitcoin to have a chance at reentering price discovery, it required a daily close at still higher levels.
“On the Daily timeframe, Bitcoin is located inside a $91000-$101000 range,” he told X followers.
“Bitcoin will need to Daily Close and/or retest the $101k Range High to breakout, just like in early December 2024.”
BTC/USD 1-day chart. Source: Rekt Capital/X
Another post elaborated on the technical significance of $101,000.
“Every time BTC has rallied to $101k, it would overextend to at least $103k,” he wrote alongside illustrative charts.
“Generally, $101k is the resistance to reclaim as support because it is confluent with the old technical uptrend (orange).”
BTC/USD 1-week chart. Source: Rekt Capital/X
Bitcoin funding rate avoids overheating
Considering what macroeconomic catalysts may impact BTC price performance, trading firm QCP Capital noted that the inauguration of US President-Elect Donald Trump was still two weeks away.
“Unlike previously, it's also quite unlikely we get any Trump-related catalysts till after his 20-Jan inauguration. Frontend vols have also remained soft with a relatively neutral skew which indicate a similar sentiment,” it wrote in its latest bulletin to Telegram channel subscribers on the day.
Crypto funding rate heatmap (screenshot). Source: CoinGlass
QCP added that funding rates remained significantly lower than when BTC price first broke the $100,000 barrier in early December.
“With no crypto-specific catalysts on the horizon, focus will be on the first US jobs report of the year this Friday (10-Jan),” it concluded.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
