Bitcoin ‘Fully Gassed’ to Leave $100K BTC Price Behind — In - Depth Analysis
Bitcoin "Choppiness Index" Hints at a Dramatic Return to Trend for BTC Price Action
Bitcoin tested the $100,000 support level on January 21st as the aftermath of US President Donald Trump's inauguration subsided.
BTC Price Targets Focus on Sub - $100,000
Data from Cointelegraph Markets Pro and TradingView reveals that sellers are maintaining pressure on the six - figure Bitcoin price boundary. With Bitcoin currently priced at $102,987, the inauguration day brought significant volatility. However, it ultimately disappointed Bitcoin bulls as Trump made no mention of Bitcoin, cryptocurrency, or a US strategic reserve related to them.
As a result, longs faced losses on that day. According to data from monitoring resource CoinGlass, at the time of writing, 24 - hour crypto - long liquidations were around $500 million. (Total crypto liquidations screenshot: Source: CoinGlass)
The trading platform Hyblock Capital stated in its latest update on X, “$BTC is targeting the nearest liquidity on both sides.” (BTC liquidations data: Source: Hyblock Capital)
Traders are now considering the possibility of another sweep of liquidity in the mid - to high - $90,000 range.
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Trader Crypto Chase told X followers, while sharing the 4 - hour chart, “I’d take a long from 99.5K~ if offered. I think the gray box needs to hold for local bullishness and sweeping all the Trump lead - up / news price action makes sense.”
He further added, “I'd also accept a sweep of the 97K low, but that's the farthest it should go. Any significant amount of time spent past 96 - 97K and my plan / analysis is likely incorrect. Invalidating the low 90's, aiming for new all - time highs.” (BTC/USD 4 - hour chart: Source: Crypto Chase/X)
Fellow trader XO argued that the December BTC price range, with lows around $90,000 and highs at $108,000, was still in control. “Decembers High & Decembers Low defines the key range for me. Acceptance out of either side most likely resolves in a trend,” they said. “For now, the market will keep both bulls and bears speculating, but in truth, it’s just another range and that’s where my focus remains.”
Bitcoin “Choppiness Index” Points to Breakout
Trader and analyst Matthew Hyland emphasized the near - term importance of Bitcoin’s 10 - day simple moving average (SMA), which is currently at $99,969. He told X followers, “BTC had quite a daily candle here. Tapped the 10 SMA then went to new all - time highs and then back below resistance but still above the 10 SMA. On this 10 SMA trajectory, it will have to decide by Friday to either break back upward or lose the 10 SMA.”
In a recent update, James Check, the creator of on - chain data resource Checkonchain, predicted that a new BTC price trend will emerge soon. This prediction is based on the Choppiness Index, a volatility tool that is now indicating the end of a period of sideways movement.
Check announced on the day, “The Bitcoin Choppiness Index is fully gassed, and ready to trend. As covered back in late - Nov, the hypothesis was that we likely had several weeks of choppy consolidation before properly trending away from the $100k level. We're there now.”
