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In a promising development, the Bitcoin price is inching closer to the coveted $100,000 mark as it trades above $98,000 for the first time since late December. Crypto analyst Ali Martinez has highlighted several critical metrics that could signal further bullish momentum for the leading cryptocurrency as the market begins to recover. Bitcoin Price Surges Amid Coinbase Premium Index Low One of the significant indicators discussed by Martinez is the Coinbase Premium Index, which recently hit -0.23%, its lowest point in two years. This index measures the price difference between Bitcoin on Coinbase and other exchanges. A negative premium suggests that US-based investors may be less willing to pay a premium for Bitcoin, but the current rebound could indicate a shift toward growing institutional interest in the asset. Related Reading: Prepare For A Solana Sell-Off: How Grayscale’s 2025 Unlocks Could Shake The Market Martinez also noted that the recent uptick in the Bitcoin price comes amid a notable withdrawal trend, with over 48,000 BTC—valued at more than $4.5 billion—pulled from exchanges in the past week. This trend indicates a bullish sentiment among investors, despite a brief price correction that occurred late last year. Despite these positive signals, Martinez cautions that Bitcoin is at a crucial juncture. He emphasized the importance of sustaining a close above the 50-day moving average (MA), currently just above $96,000. A failure to maintain this level could lead to a potential downward correction. Conversely, a sustained close above the 50-day MA could signal the end of the recent correction and confirm a more robust bullish trend. Strong Upward Move Expected After Wave Three Breakout In addition to Martinez’s insights, the Elliot Wave Academy has provided a technical analysis of the recent Bitcoin price movements, suggesting that the cryptocurrency is currently in the fourth wave of a larger bullish cycle. The academy’s analysis indicates that after a powerful breakout from a price channel, Bitcoin has successfully surpassed the ideal level of wave three, which may signal a strong upward move. The fourth wave, according to their analysis, is characterized by a sideways pattern following the sharp rise of wave three. The potential correction zones for this wave have been identified, and should these levels be breached, the next upward wave could target a Bitcoin price range between $117,475.70 and $138,058.37. These figures represent major bullish targets that could attract further investment and drive Bitcoin’s price higher. Related Reading: Dogecoin Recovery In Sight: Strong Support Hints At Bullish 2025 All around, as the Bitcoin price continues its upward trajectory, the combination of significant withdrawals from exchanges, a low Coinbase Premium Index, and positive Elliott Wave analysis paints a compelling picture for the cryptocurrency’s future. However, investors should remain vigilant, keeping an eye on critical price levels that could determine the market’s next move. At the time of writing, the market’s leading crypto is trading at $98,320. Featured image from DALL-E, chart from TradingView.com
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Michael Saylor’s plan to burn his Bitcoin after death – Following Satoshi’s steps?
Michael Saylor says burning Bitcoin address holder wallets` pass keys after their death could boost BTC`s value in the long run. NewsBTC
3 Things That Could Impact Crypto Markets This Week
Crypto markets held on to gains made late last week over the weekend, and momentum could continue into the following days. There has been a small ‘Santa rally’ for stocks and crypto markets over the first few days of the year, with around $280 billion entering digital asset markets. This week will see the release of key employment figures along with consumer sentiment reports . “Labor market data is in the spotlight ahead of the January 29th Fed meeting,” commented the Kobeissi Letter. Economic Events Jan. 6 to 10 Monday will see the release of the S&P Global Services PMI (Purchasing Managers’ Index), while Tuesday has the ISM (Institute for Supply Management) Services PMI. These reports portray business conditions in the services sector and are leading economic indicators used by economists and analysts. The focus then switches to labor market data with the November JOLTS Job Openings report on Tuesday and December ADP Nonfarm Employment data on Wednesday. December’s Nonfarm Payrolls and Unemployment reports are due on Friday, and these present the number of new jobs created during the previous month, along with the percentage of people actively seeking employment. These two reports are important economic indicators as they track the shift in the number of positions that are strongly associated with the overall health of the economy. Key Events This Week: 1. S&P Global Services PMI data – Monday 2. November JOLTS Job Openings – Tuesday 3. December ADP Nonfarm Employment data – Wednesday 4. Fed Meeting Minutes – Wednesday 5. December Jobs Report – Friday 6. Total of 8 Fed Speaker Events Get ready for a… — The Kobeissi Letter (@KobeissiLetter) January 5, 2025 Friday also sees January’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations preliminary readings. This data reveals the results of a monthly survey of consumer confidence levels and views of long-term inflation in the US. Additionally, the Q4 2024 earnings season will begin in earnest in mid-January. The Kobeissi Letter also cautioned that the “implications of China’s real estate collapse will spread well beyond real estate in China ” before adding, “As we head into 2025, we are positioning ourselves for more volatility in the market.” Crypto Market Outlook Crypto market capitalization has remained flat over the past 24 hours and was at $3.68 trillion at the time of writing. Bitcoin momentum was building steadily, with the asset hitting a ten-day high, topping $99,000 during early trading in Asia on Monday morning. The asset has now gained around 7.5% over the past seven days and it is on track to reclaim the psychological $100,000 level soon. #BTC Post-breakout Quarterly Retest and Trend Continuation confirmed $BTC #Crypto #Bitcoin https://t.co/T5fYyyybjH pic.twitter.com/geXSv4SYue — Rekt Capital (@rektcapital) January 5, 2025 Ethereum has mirrored the action with a similar weekly gain as it tapped $3,670 on Jan. 6, its highest price since Dec. 19. Most of the altcoins were flat on the day, having held on to weekend gains, and momentum appears set to continue this week. The post 3 Things That Could Impact Crypto Markets This Week appeared first on CryptoPotato . NewsBTC
