Bitcoin (BTC) fluctuated around $97,000 to $99,000 over the past weekend, with three attempts to break through $99,000 failing and retreating. The current price is $98,159, up 0.09% in the past 24 hours.
However, everyone knows that the market is usually calmer on weekends, with lower volatility. As European and American investors return to normal trading rhythms, if Bitcoin does not fall below last night's low of $97,200, it is likely to challenge the $100,000 mark again in the short term.
Ethereum holds steady at $3,600.
On the other hand, Ethereum (ETH) has shown a similar trend to Bitcoin in recent days, but seems to be slightly stronger. As of now, the price is $3,617, still oscillating within a consolidation range.
The liquidation data across the network is stable.
According to data from Coinglass, the total liquidation amount in the entire cryptocurrency market in the past 24 hours is $136 million. Among them, long positions accounted for about $89.62 million, while short positions accounted for about $46.79 million, with over 68,000 people being liquidated. Overall, the liquidation situation is not particularly severe.
10x Research's forecast for January BTC trends.
10x Research recently published an analysis report predicting a positive start for Bitcoin's trend in January 2025.
The report mentions that Bitcoin may experience a slight pullback before the CPI data is released on January 15; subsequently, as Trump's inauguration approaches, Bitcoin is expected to break through the $100,000 mark. However, the market may experience another pullback before the FOMC meeting on January 29. (The image below shows 10x Research's expectations for BTC's trend.)
Why is there not much movement in altcoins?
The report mentions that from January 2024 to mid-November, Bitcoin's market capitalization share in the entire cryptocurrency market surged from 50% to 60%, putting significant pressure on the performance of altcoins.
Although this dominance indicator dropped to 53% in just three weeks (leading many to think that an altcoin season is coming), it quickly rebounded to around 58% and stabilized around 55%. This indicates that Bitcoin remains the market leader; for altcoins to perform well, Bitcoin's dominance needs to decline again.
In addition, Bitfinex analysts also believe that Bitcoin will fluctuate and rise in January. They stated that Bitcoin might rise to $105,000 in January.
They expect Bitcoin to maintain a range of fluctuations, with investors looking for opportunities among different assets, predicting that by the end of January, Bitcoin's price will fluctuate between $95,000 and $110,000.
The new U.S. president Trump will be inaugurated on January 20, which may become a catalyst for a rise in the cryptocurrency market. Everyone is looking forward to the new government implementing friendlier cryptocurrency policies, which could also improve the U.S. economy. However, Bitfinex analysts believe that Trump's inauguration will not immediately trigger a surge in the crypto market.
They believe that the new president taking office may bring more clarity to cryptocurrency policies, but do not think the inauguration will directly drive prices up. It is more likely to lay the groundwork for a smoother path for cryptocurrency in the U.S.