Bitcoin price is rising steadily above the $95,000 zone. BTC is showing positive signs and might soon hit the $100,000 milestone level.

• Bitcoin started a fresh increase above the $95,000 zone.
• The price is trading above $95,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to rise if it clears the $100,000 resistance zone.

Bitcoin Price Sets Another ATH

Bitcoin price remained supported above the $92,000 level. BTC formed a base and started a fresh increase above the $95,000 level. It cleared the $96,500 level and traded to a new high at $98,999 before there was a pullback.

There was a move below the $98,000 level. However, the price remained stable above the 23.6% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. There is also a key bullish trend line forming with support at $95,200 on the hourly chart of the BTC/USD pair.

The trend line is close to the 50% Fib retracement level of the upward move from the $91,500 swing low to the $98,990 high. Bitcoin price is now trading above $96,000 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $98,880 level. The first key resistance is near the $99,000 level. A clear move above the $99,000 resistance might send the price higher. The next key resistance could be $100,000.

A close above the $100,000 resistance might initiate more gains. In the stated case, the price could rise and test the $102,000 resistance level. Any more gains might send the price toward the $104,500 resistance level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $100,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $98,000 level.

The first major support is near the $96,800 level. The next support is now near the $95,500 zone and the trend line. Any more losses might send the price toward the $92,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $96,800, followed by $95,500.

Major Resistance Levels – $99,000, and $100,000.

Ripple’s (XRP) price rallied by 25% in the last 24 hours following Gary Gensler’s announcement that he would resign as the US Securities and Exchange Commission (SEC) chair on January 20, 2025.

This development comes as a relief to the popular “XRP Army,” which has had to deal with suppressed price action due to the Gensler-led SEC’s nonstop petitions against Ripple. But that is not all that happened. 

Ripple Bears Face Notable Liquidation Following Gensler’s Notification

Gensler’s announcement appears to be a positive development for the broader crypto market. But XRP holders seemed to benefit the most. This was particularly significant given the unresolved Ripple-SEC legal issues that have persisted throughout the SEC Chair’s tenure.

As a result, it came as no surprise that XRP price rallied and outpaced those of any other cryptocurrency in the top 10. Furthermore, the development triggered liquidations totaling $26.11 million over the last 24 hours.

Liquidation occurs when a trader fails to meet the margin requirements for a leveraged position. This forces the exchange to sell off their assets to prevent further losses. In XRP’s case, the liquidation primarily resulted in a short squeeze.

A short squeeze happens when a large number of short positions (traders betting on price declines) are forced to close, driving the price higher as they rush back to buy back the asset.

At press time, XRP trades at $1.40 and currently has a market cap of $80.64 billion. With Gensler almost gone, crypto lawyer John Deaton noted that XRP price gains could be higher, and the market cap could climb to $100 billion.

“XRP soon will achieve a $100B market cap. Times are changing,” Deaton wrote on X.

Meanwhile, CryptoQuant data shows that the total number of XRP sent into exchange has significantly decreased. Typically, high values indicate increased selling pressure in the spot market. This is because it suggests that more assets are being offloaded, potentially driving prices lower.

However, since it is low, XRP holders are refraining from selling. If this remains the case, the token’s value could rise higher than $1.40.

XRP Price Prediction: $2 Coming?

According to the 4-hour chart, XRP has been trading within a range of $1.04 to $1.17 since November 18. This sideways movement has resulted in the formation of a bull flag — a bullish chart pattern that signals potential upward momentum.

The bull flag begins with a sharp price surge, forming the flagpole, driven by significant buying pressure that outpaces sellers. This is followed by a consolidation phase, where the price retraces slightly and moves within parallel trendlines, creating the flag structure.

Yesterday, XRP broke out of this pattern, signaling that bulls have seized control of the market. If this momentum persists, XRP’s price could surpass $1.50, potentially approaching the $2 threshold.

However, this bullish scenario hinges on market behavior. If holders decide to secure profits, selling pressure could push XRP’s price below $1, erasing recent gains.