Bitcoin (BTC) has recorded a modest uptick after spending most of the weekend below $98,000. The world's largest cryptocurrency has climbed above $99,000 and is currently trading around $99,100 as bulls aim to reclaim $100,000. BTC is up slightly over 1% in the past 24 hours and almost 6% over the past week as markets look to gain momentum and start the new year positively.
Despite BTC's positive start, the crypto market remains mixed, with cryptocurrencies like Ethereum (ETH) and Ripple (XRP) registering marginal gains. However, Solana (SOL) and Dogecoin (DOGE) are currently in the red, down almost 1%. Chainlink (LINK), Cardano (ADA), Toncoin (TON), Stellar (XLM), Polkadot (DOT), Uniswap (UNI), and Litecoin (LTC) registered notable increases.
Ripple CEO Hails Pro-Crypto Congress
Ripple CEO Brad Garlinghouse has praised the most pro-crypto Congress in US history, boosting optimism for regulatory clarity in crypto and blockchain. The pro-crypto Republicans have a 219-215 majority in the House and a 53-47 majority in the Senate. However, last year's SAB 121 vote underscored bipartisan support for crypto. The vote suggested US policymaker resistance to crypto and blockchain technology, with Anthony Scaramucci stating that all Democrats under 60 voted against the bill.
Furthermore, the SEC vs Ripple case remains in focus as the January 15 deadline approaches. Market watchers expect the SEC to file its appeal-related opening brief by January 15, days before SEC Chair Gary Gensler steps down. According to former SEC lawyer Mark Fagel, the SEC could proceed with the appeal under Gensler but withdraw it once the new administration assumes office.
“The appeal will continue for now, and that process takes about a year. But there is the possibility that a new administration decides to move to dismiss the appeal. That’s not something I recall happening before, but it’s possible and maybe likely.”
An SEC overhaul could support the withdrawal of the appeal, with internal rules mandating that an agency vote, not the Chair alone, determines whether an appeal should continue or be withdrawn.
Michael Saylor Hints At Monday BTC Purchase
MicroStrategy founder Michael Saylor posted the Bitcoin (BTC) price chart from the SaylorTracker website on January 5. Saylor typically posts the chart before purchasing (BTC) the following day. Saylor had posted the same chart on December 29, and MicroStrategy purchased 2,138 BTC on December 30. MicroStrategy is looking to purchase more BTC as part of its 21/21 plan to finance the acquisition of $42 billion in BTC by issuing $21 billion in equity and $21 billion in fixed-income securities.
What’s In Store For Bitcoin (BTC) In 2025?
The crypto market is buzzing after Bitcoin (BTC)’s stellar performance in 2024, with experts optimistic about the year ahead. Market watchers are hopeful that 2025 will see regulatory clarity, technological advancements, and greater institutional adoption. BTC doubled its market capitalization in 2024, with major altcoins also registering stellar growth.
“The crypto market had an excellent run in 2024, with its market cap doubling within the year. Continuing the momentum, we have started the new year on a positive note, with all major tokens up as much as 18% in a day.”
Experts expect global regulatory changes to play a crucial role in Bitcoin’s growth. Countries like Canada, China, the Middle East, and the EU have taken steps to ease restrictions and create a friendly environment to foster crypto's growth. A pro-crypto administration in the US is also set to play a crucial role in the global growth of crypto through increased institutional activity and spot Bitcoin ETFs.
Markets also expect significant technological advancements in 2025, boosting the adoption and relevance of blockchain technology in the real world. Newer sectors like AI will also see considerable growth in 2025, driving innovation. Experts have also offered predictions for BTC in 2025. While some have predicted the world’s largest cryptocurrency could reach $150,000 by the end of the year, others have predicted it could hit $200,000.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) remained relatively muted over the first weekend of the new year but managed to register marginal increases and prevent sellers from exerting influence. BTC’s price action has picked up marginally during the ongoing session as bulls eye the $100,000 price level. Analysts believe BTC is in a consolidation phase, and markets are looking for a catalyst that could drive prices higher. Analysts expect Donald Trump’s inauguration to boost prices. However, the excitement around a pro-crypto administration has mellowed, with markets waiting to see what a pro-crypto administration can accomplish.
BTC dipped below the 50-day SMA on Friday (December 27) when it dropped to $94,241 but recovered on Saturday to reclaim $95,000 and settle at $95,077. BTC was back in the red on Sunday, falling almost 2% and settling at $93,477. BTC experienced considerable volatility on Monday as buyers and sellers struggled to establish control. Sellers ultimately gained the upper hand as BTC dipped almost 1% and settled at $92,625. Bullish sentiment returned on Tuesday as BTC surged to an intraday high of $96,159. However, it could not go past the 50-day SMA and dropped to $93,383, ultimately registering an increase of 0.82%.
Buyers retained control on Wednesday as BTC registered an increase of just over 1% and settled at $94,373. Bullish sentiment intensified on Thursday as BTC rose almost 2.60% to go above $95,000 and settle at $96,823. With bullish sentiment persisting, BTC crossed the 20 and 50-day SMAs on Friday after registering an increase of just over 1%. The price remained relatively muted over the weekend as BTC registered only a marginal increase. However, buyers prevented sellers from taking control, with BTC ending the weekend at $98,312. The current session sees BTC up by 1.14% and trading around $99,500 as buyers eye the $100,000 mark.
BTC faces strong resistance at $100,000. If the price is rejected at this level and sellers retake control, BTC could drop to its support level of $90,000. On the other hand, if BTC crosses $100,000, its next stop will be its all-time high. Should it go above this level, we could see the beginning of another bull run.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has managed to jump above the 20 and 50-day SMAs and go above $3,500, breaking out of its recent price range. ETH had registered a substantial drop on Boxing Day, falling almost 5% to slip below the 50-day SMA and settling at $3,333. Buyers attempted a recovery on Friday as ETH reached an intraday high of $3,436. However, it lost momentum after reaching this level and fell to $3,330. ETH recovered over the weekend, rising over 2.15% on Saturday and settling at $3,402. However, it was back in the red on Sunday, dropping by 1.46% and settling at $3,352.
ETH saw considerable volatility on Monday as buyers and sellers struggled to establish control. However, buyers ultimately gained the upper hand as ETH registered a marginal increase and settled at $3,558. ETH rose to an intraday high of $3,448 on Tuesday but lost momentum, dropping to $3,333, ultimately registering a decline of 0.74%. Sentiment changed on Wednesday as buyers returned to the market, registering an increase of 0.69% and settling at $3,356. Bullish sentiment intensified on Thursday as ETH rose almost 3% and settled at $3,452. The price surged past $3,500 and the 20 and 50-day SMAs on Friday, registering an increase of 4.51% and settling at $3,607.
Buyers retained control on Saturday, pushing ETH up by 1.37% to $3,657. However, it was back in the red on Sunday, dropping by 0.61% to $3,634. The current session sees ETH marginally up as buyers and sellers struggle to establish control.
Solana (SOL) Price Analysis
Solana (SOL) registered a sharp increase of 6.12% on Saturday (December 28) as it surged past $190 and settled at $195. However, it was back in the red on Sunday, dropping almost 3% and settling at $189. Monday saw SOL experience significant volatility as buyers and sellers struggled to establish control. Buyers ultimately won as SOL registered an increase of
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