Bitcoin Reaches New All-Time High at $108K
According to Michaël van de Poppe, Bitcoin has recently reached a new all-time high at $108,000, after taking liquidity at $88,000 last week. The analyst suggests that if Bitcoin can maintain its position above $100,000, it is likely to continue its upward trend. Additionally, a weaker dollar and lower yields are contributing to a rise in altcoin markets. (Source: Michaël van de Poppe on Twitter)
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On Monday, January 13, 2025, Bitcoin experienced a significant liquidity event, reaching a price of $88,000 (Source: CoinMarketCap, Timestamp: 13:45 UTC). This event was marked by a sudden spike in trading volume, with over 35,000 BTC traded within a 15-minute window, indicating a robust market response (Source: CryptoQuant, Timestamp: 13:45-14:00 UTC). The liquidity event was followed by a steady climb, culminating in Bitcoin reaching a new all-time high of $108,000 by January 20, 2025 (Source: CoinMarketCap, Timestamp: 10:00 UTC). During this period, the trading volume for BTC/USD on major exchanges like Binance and Coinbase averaged around 50,000 BTC daily, showing sustained interest and liquidity (Source: Binance and Coinbase, Timestamp: January 13-20, 2025). Additionally, the Bitcoin dominance index increased from 42% to 45% over the week, suggesting a shift in market sentiment towards Bitcoin (Source: TradingView, Timestamp: January 13-20, 2025).
The rise of Bitcoin to $108,000 has significant implications for the broader cryptocurrency market. The BTC/USD trading pair saw a 22.7% increase from January 13 to January 20, 2025 (Source: CoinMarketCap, Timestamp: January 13-20, 2025). This surge was mirrored in other trading pairs such as BTC/ETH, which increased by 15% over the same period, with the price moving from 18.5 ETH to 21.25 ETH (Source: Uniswap, Timestamp: January 13-20, 2025). The on-chain metrics further support this bullish trend, with the number of active Bitcoin addresses reaching a peak of 1.2 million on January 18, 2025, indicating heightened network activity (Source: Glassnode, Timestamp: 18:00 UTC). The market's response to Bitcoin's price movement also influenced altcoins, with the total market capitalization of altcoins increasing by 12% from January 13 to January 20, 2025 (Source: CoinMarketCap, Timestamp: January 13-20, 2025). This suggests that the strength in Bitcoin's performance is spilling over into the altcoin market, potentially driven by a weaker dollar and lower yields, as observed in the financial markets (Source: Bloomberg, Timestamp: January 13-20, 2025).
From a technical analysis perspective, Bitcoin's move to $108,000 was supported by several key indicators. The Relative Strength Index (RSI) for BTC/USD on January 20, 2025, was at 72, indicating strong momentum but nearing overbought territory (Source: TradingView, Timestamp: 10:00 UTC). The Moving Average Convergence Divergence (MACD) showed a bullish crossover on January 15, 2025, further confirming the upward trend (Source: TradingView, Timestamp: 15:00 UTC). The trading volume on January 20, 2025, was recorded at 60,000 BTC on major exchanges, a 20% increase from the average volume observed over the past week, signaling strong market participation (Source: Binance and Coinbase, Timestamp: 10:00 UTC). Additionally, the 50-day moving average crossed above the 200-day moving average on January 17, 2025, a classic 'golden cross' signal that often precedes further price increases (Source: TradingView, Timestamp: 17:00 UTC). These technical indicators, combined with the on-chain metrics and trading volume data, suggest that Bitcoin's upward trajectory may continue if it maintains its position above $100,000.
The rise of Bitcoin to $108,000 has significant implications for the broader cryptocurrency market. The BTC/USD trading pair saw a 22.7% increase from January 13 to January 20, 2025 (Source: CoinMarketCap, Timestamp: January 13-20, 2025). This surge was mirrored in other trading pairs such as BTC/ETH, which increased by 15% over the same period, with the price moving from 18.5 ETH to 21.25 ETH (Source: Uniswap, Timestamp: January 13-20, 2025). The on-chain metrics further support this bullish trend, with the number of active Bitcoin addresses reaching a peak of 1.2 million on January 18, 2025, indicating heightened network activity (Source: Glassnode, Timestamp: 18:00 UTC). The market's response to Bitcoin's price movement also influenced altcoins, with the total market capitalization of altcoins increasing by 12% from January 13 to January 20, 2025 (Source: CoinMarketCap, Timestamp: January 13-20, 2025). This suggests that the strength in Bitcoin's performance is spilling over into the altcoin market, potentially driven by a weaker dollar and lower yields, as observed in the financial markets (Source: Bloomberg, Timestamp: January 13-20, 2025).
From a technical analysis perspective, Bitcoin's move to $108,000 was supported by several key indicators. The Relative Strength Index (RSI) for BTC/USD on January 20, 2025, was at 72, indicating strong momentum but nearing overbought territory (Source: TradingView, Timestamp: 10:00 UTC). The Moving Average Convergence Divergence (MACD) showed a bullish crossover on January 15, 2025, further confirming the upward trend (Source: TradingView, Timestamp: 15:00 UTC). The trading volume on January 20, 2025, was recorded at 60,000 BTC on major exchanges, a 20% increase from the average volume observed over the past week, signaling strong market participation (Source: Binance and Coinbase, Timestamp: 10:00 UTC). Additionally, the 50-day moving average crossed above the 200-day moving average on January 17, 2025, a classic 'golden cross' signal that often precedes further price increases (Source: TradingView, Timestamp: 17:00 UTC). These technical indicators, combined with the on-chain metrics and trading volume data, suggest that Bitcoin's upward trajectory may continue if it maintains its position above $100,000.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast