Bitcoin price rises 3% above $100,000 as traders buy this ICO

bitcoin price jumped 3% in the last 24 hours to trade at $102,228 at 7:00 am EST, with trading volume up 2% to $55 billion.

This jump in btc price comes as US investors show renewed interest in the cryptocurrency market leader ahead of President-elect Donald Trump's inauguration on January 20.

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<a target="_blank" href="https://twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc Open interest has returned sharply, after a holiday reset.

The bulls have returned. pic.twitter.com/HBVEB4jSBQ

– Miles Deutscher (@milesdeutscher) <a target="_blank" href="https://twitter.com/milesdeutscher/status/1880196876013826129?ref_src=twsrc%5Etfw”>January 17, 2025

Growing anticipation of pro-cryptocurrency policies from the incoming administration has added to this momentum, with potential key announcements expected on Trump's first day in office.

This resurgence in US-driven demand could trigger the next leg of the bull market, benefiting both bitcoin and altcoins.

bitcoin price recovers at strong support level

The btc/USDT price action in the 1-day period shows a combination of consolidation phases, uptrends, and key support and resistance levels. bitcoin initially established solid support at $74,392, near the 200-day SMA, marking a turning point after a prolonged downtrend.

The 50-day SMA also crossed above the 200-day SMA to form a “golden cross.” This event is a classic bullish signal, suggesting a change in upward momentum. Following this, bitcoin entered a strong uptrend, moving in a parabolic curve as bullish momentum accelerated.

During the July to September period, bitcoin consolidated within a descending channel, reflecting a period of indecision among traders. The eventual breakout of this channel marked the resumption of bullish momentum, leading to a strong rally.

<img decoding="async" class="aligncenter wp-image-618997 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1281″ height=”545″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2025/01/Bitcoin-price-rises-3-above-100000-as-traders-buy-this.png 1281w, https://insidebitcoins.com/wp-content/uploads/2025/01/BTCUSDT_2025-01-17_14-02-14-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2025/01/BTCUSDT_2025-01-17_14-02-14-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2025/01/BTCUSDT_2025-01-17_14-02-14-768×327.png 768w” data-lazy-sizes=”(max-width: 1281px) 100vw, 1281px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2025/01/Bitcoin-price-rises-3-above-100000-as-traders-buy-this.png”/><img decoding="async" class="aligncenter wp-image-618997 size-full" src="https://technicalterrence.com/wp-content/uploads/2025/01/Bitcoin-price-rises-3-above-100000-as-traders-buy-this.png" alt="bitcoin price” width=”1281″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2025/01/Bitcoin-price-rises-3-above-100000-as-traders-buy-this.png 1281w, https://insidebitcoins.com/wp-content/uploads/2025/01/BTCUSDT_2025-01-17_14-02-14-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2025/01/BTCUSDT_2025-01-17_14-02-14-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2025/01/BTCUSDT_2025-01-17_14-02-14-768×327.png 768w” sizes=”(max-width: 1281px) 100vw, 1281px”/>

BTCUSDT Analysis Source: Tradingview

bitcoin price surpassed $100,000, reaching a critical psychological milestone. However, after breaking above this level, btc entered another consolidation phase, retesting the support level of $97,813, which aligns with the 50-day SMA. This retest formed a possible bullish reversal pattern, suggesting the possibility of a continued rally.

bitcoin price could head towards $120,000

Currently, bitcoin is <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin“>trading at $102,228and the RSI is at 61.56. This indicates a healthy uptrend with momentum strengthening but not yet overextended, leaving room for additional gains. If a deeper correction occurs, key levels to watch include $97,813 as immediate support and $74,392 as more significant support level.

On the upside, bitcoin faces minor resistance at $110,000, with a price target of $120,000, which aligns with projections for measured moves and psychological resistance. The technical setup remains strongly bullish, but traders should watch for any bearish divergence in the RSI or failure to hold above $97,813, which could signal weakening momentum.

Direction points towards further upside, with bitcoin poised to continue its rally if current support levels hold.

Rival Solana Layer-2 Pre-Sale Closes at $11 Million: Best Cryptocurrency to Buy Now?

As the price of bitcoin appears to surpass its all-time high, investors are flocking to buy a new meme coin based on Solana and the first layer 2 solution on the Solana network called Solaxy (SOLX), which has raised more than $10.9 million in pre-sale financing.

Solaxy aims to solve one of Solana's biggest problems: network congestion. To do this, it introduces a new layer 2 solution that increases Solana's performance without changing its main structure. This will help alleviate computational stress on the main chain, making the network faster and scalable.

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Solaxy will support both <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw”>$eth and <a target="_blank" href="https://twitter.com/search?q=%24SOL&src=ctag&ref_src=twsrc%5Etfw”>$SOL With their robust scalability, describing themselves as the “world's first L2 solana”, this one seems pretty optimistic!

With <a target="_blank" href="https://twitter.com/search?q=%24SOLX&src=ctag&ref_src=twsrc%5Etfw”>$SOLX you are entering a new Layer-2 that has an exciting <a target="_blank" href="https://twitter.com/hashtag/memecoin?src=hash&ref_src=twsrc%5Etfw”>#memecoin call him

DYOR – https://t.co/UuZScpnmos pic.twitter.com/hzXiY5CDv8

—Jacob crypto Bury (@BuryCrypto) <a target="_blank" href="https://twitter.com/BuryCrypto/status/1874837594103824483?ref_src=twsrc%5Etfw”>January 2, 2025

In addition to fixing performance issues, Solaxy will also connect Solana to ethereum. This will combine the security and liquidity of ethereum with the speed and scalability of Solana, creating a new, more powerful ecosystem. The combination will also make it easier for decentralized finance (DeFi) applications to work together, opening new opportunities for both users and developers.

A crypto analyst at 99Bitcoins, a well-known YouTube channel with over 719,000 subscribers, says Solaxy could potentially grow 100x after its official launch.

Investors can purchase SOLX tokens for $0.001604 each using BNB, eth, USDT, or a bank card in the simple widget on the project website. Furthermore, investors can take advantage of the staking option to earn a whopping 323% annual return.

But hurry, as the pre-sale price will increase in less than 48 hours.

Buy and stake SOLX here for 323% APY.

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