Bitcoin ‘fully gassed’ to leave $100K BTC price behind — Analysis

Bitcoin (BTC) tested $100,000 support on Jan. 21 as the dust settled on US President Donald Trump’s inauguration.

BTC price targets focus on sub-$100,000

Data from Cointelegraph Markets Pro and TradingView showed sellers keeping up the pressure on the six-figure BTC price boundary.

Inauguration Day offered plenty of volatility but ultimately disappointed Bitcoin bulls as Trump made no mention of Bitcoin, crypto or a US strategic reserve involving them.

Longs thus suffered on the day, with 24-hour crypto long liquidations circling $500 million at the time of writing, per data from monitoring resource CoinGlass.

“$BTC is targeting the nearest liquidity on both sides,” trading platform Hyblock Capital wrote in part of its latest update on X.

Traders entertained the idea of another sweep of liquidity in the mid to high $90,000 range next.

“I’d take a long from 99.5K~ if offered. I think gray box needs to hold for local bullishness and sweeping all the Trump leadup / news PA makes sense,” popular trader Crypto Chase told X followers alongside the 4-hour chart.

“I’d also accept a sweep of the 97K low, but that’s farthest it should go. Any good amount of time spent past 96-97K and my plan / read is likely off. Inval low 90’s, aiming for new ATH’s.”

Fellow trader XO argued that the December BTC price range was still in control, with lows around $90,000 and highs at $108,000.

“Decembers High & Decembers Low defines the key range for me. Acceptance out of either side most likely resolves in a trend,” they summarized. 

“For now, the market will keep both bulls and bears speculating, but in truth, it’s just another range and that’s where my focus remains.”

Bitcoin “Choppiness Index” points to breakout

Trader and analyst Matthew Hyland meanwhile emphasized the near-term importance of Bitcoin’s 10-day simple moving average (SMA), currently at $99,969.

Related: $99K Trump ‘plunge protection’ — 5 things to know in Bitcoin this week

“BTC quite the daily candle here. Tapped the 10 SMA then went to new all time highs and then back below resistance but still above the 10 SMA,” he explained to X followers.

“On this 10 SMA trajectory it will have to decide by Friday to either break back upward or lose the 10 SMA.” 

In a fresh update, James Check, creator of onchain data resource Checkonchain, predicted a new BTC price trend emerging sooner rather than later.

This was thanks to the Choppiness Index, a volatility tool now signaling the end of a period of sideways movement.

“The Bitcoin Choppiness Index is fully gassed, and ready to trend,” Check announced on the day.

“As covered back in late-Nov, the thesis was we likely had several weeks of chopsolidation before properly trending away from the $100k level. We’re there.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.