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Why is Bitcoin Up Today? Will BTC Price Hit Surge Above $100K?
Bitcoin (BTC) price has rebounded around 6.9 percent since the calendar flipped to 2025 last week, retesting a crucial resistance level of approximately $99,300 on Monday, January 6, during the early New York session. As a result, the fear of a potential Bitcoin price drop below $90,000 has decreased substantially.
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Moreover, Bitcoin’s fear and greed index has surged to 76 percent, which represents extreme greed from investors. However, the mentions of Bitcoin price reaching $110,000+ remain lower compared to two weeks ago, suggesting that traders are still waiting for clear signs before getting overly enthusiastic.
Bitcoin has clawed its way back to a high of $99,800 to kick off the new week. However, based on the substantial spike in mentions of $110K+ BTC from two weeks ago, it appears that investors are still anticipating much higher prices before they become excited.
The flagship cryptocurrency has been forming a potential midterm reversal pattern in the daily time frame, further suggesting that it may not be over yet for Bitcoin.
Source: coinpedia.org
