Key Points
- Bitcoin [BTC] has reclaimed the $102k mark on the price charts, signifying a strong bullish outlook.
- Options traders are anticipating significant price swings upwards over the weekend.
Bitcoin [BTC] has once again surpassed the $102k mark on the price charts.
This has occurred just prior to Donald Trump’s presidential inauguration on 20 January.
Bitcoin’s Bullish Trend
The recent surge in Bitcoin’s price has elevated it above key moving averages, reinforcing a bullish outlook.
With the inauguration only a few days away, many are questioning the direction the cryptocurrency will take.
On the daily chart, Bitcoin broke out above $100k and retested it as support.
This suggests a likely continuation of the upward trend, differing from the previous surge to $102k on 6 January.
Immediate Targets and Potential Hurdles
The immediate bullish target is the supply zone and bearish order block between $105K-$108K.
If the $108k resistance is cleared, the next key level is at $122k.
However, the recent move to $102k did not see a significant increase in trading volume, which should be a note of caution for bulls.
In the event of a reversal, key levels to watch would be $100k, moving averages ($97k/$95k), or even the range-low at $90k.
According to Coinglass’s liquidation heatmap, there is a possibility that BTC could tap $103.5k.
On the other hand, the 25-Delta Risk Reversal (25RR) projects a volatile weekend.
With the 25RR being positive, it suggests traders are pricing in massive price swings to the upside.
In conclusion, if the Options market’s insights are validated, Bitcoin could see a sharp rally over the weekend and the $105k-$108k target could be swiftly reached.
