{"id":62231,"date":"2025-01-24T12:25:40","date_gmt":"2025-01-24T17:25:40","guid":{"rendered":"https:\/\/www.businessupturn.com\/usa\/?p=62231"},"modified":"2025-01-24T12:26:23","modified_gmt":"2025-01-24T17:26:23","slug":"crypto-update-bitcoin-surges-above-106000","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/crypto-update-bitcoin-surges-above-106000\/62231\/","title":{"rendered":"Crypto update: Bitcoin surges above $106,000"},"content":{"rendered":"<p>As of Friday, 24 January 2025 at 12:21 PM, Bitcoin (BTCUSD) has recently surged above the $106,000 mark, reflecting a positive shift in the market with a 1.12% increase. However, despite this upward momentum, bulls are struggling to break through the all-time high of $109,588. Bitcoin\u2019s near-term sentiment has experienced some setbacks, primarily due to the delay in the issuance of a strategic Bitcoin reserve-specific executive order by US President Donald Trump.<\/p>\n<p>Glassnode\u2019s lead analyst, James Check, stated on January 23 that Bitcoin\u2019s price movement mirrors the 2016-2017 cycle. Check predicts that Bitcoin could reach a \u201ctopping cloud\u201d between $120,000 and $150,000, but he cautions that the probability of Bitcoin staying at the higher end of this range is low. While Check acknowledges the possibility of Bitcoin breaching the $150,000 mark, he sees it as an unlikely scenario for sustained growth at that level.<\/p>\n<p>On the other hand, BlackRock CEO Larry Fink has expressed an ultra-bullish outlook for Bitcoin. In a statement at the World Economic Forum\u2019s conference in Davos, Fink revealed that even a small allocation of 2% to 5% from asset managers could drive Bitcoin\u2019s price up to an astonishing $700,000. This has added to the mixed sentiment surrounding Bitcoin\u2019s future trajectory, with optimism from some corners and caution from others.<\/p>\n<p>Looking at Bitcoin\u2019s technicals, the cryptocurrency saw a rebound off the 20-day exponential moving average ($100,831) on January 23, signaling positive market sentiment. Traders are now eyeing the next major hurdle: breaking above the all-time high of $109,588. If successful, Bitcoin is likely to target the next resistance level at $126,706.<\/p>\n<p>On the downside, the 50-day simple moving average ($98,839) remains a critical support level to monitor. If this level is breached, Bitcoin may slide down to the strong support zone between $90,000 and $85,000. A break below this region could indicate the start of a more significant correction, potentially sending prices toward $73,777.<\/p>\n<ul>\n<li>Bitcoin (BTCUSD) Price: $106,133.00 (+1.12%)<\/li>\n<li>Market Cap: $2.103 Trillion<\/li>\n<li>24-Hour Volume: $72.05 Billion<\/li>\n<li>Circulating Supply: 19.81 Million BTC<\/li>\n<\/ul>\n<p><strong>Disclaimer:<\/strong> This article is for informational purposes only and does not constitute financial or investment advice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of Friday, 24 January 2025 at 12:21 PM, Bitcoin (BTCUSD) has recently surged above the $106,000 mark, reflecting a\u2026<\/p>\n","protected":false},"author":434,"featured_media":60341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[3925,24527,24528,22447,7042,24526,17535,22446,3926,22929],"class_list":["post-62231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-forecast","tag-bitcoin-price","tag-blockchain","tag-btcusd","tag-crypto-market","tag-crypto-news","tag-cryptocurrency","tag-market-analysis"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/62231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/434"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=62231"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/62231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/60341"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=62231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=62231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=62231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}