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Key Notes
- Bitcoin has finally claimed $102K for the first time since December 18th.
- Over $131 million worth of BTC shorts have been wiped off in 24 hours.
- The rally is possibly a result of Donald Trump taking over the White House on Jan 20th.
Market-leading digital asset Bitcoin BTC $104 193 24h volatility: 0.2% Market cap: $2.06 T Vol. 24h: $49.16 B has once again broken the $102,000 price level, achieving the $2 trillion valuation, and at the time of writing, the cryptocurrency is trading at $102,435.34 following a 4.25% price surge in the last 24 hours. Since December 18th, this is the first time BTC has claimed a price above $102,000.
Market data shows a monumental $131.71M in BTC short positions liquidated over 24 hours, compared to $67M in long positions. In the past 12 hours alone, $129.26 million was liquidated, with $38.13 million in longs and $91.13 million in shorts.
Moreover, the Bitcoin exchange liquidation heat map shown below confirms that if Bitcoin soars above $106K, a substantial $1.01 billion in BTC shorts will be wiped off, further pushing the price of the market leader higher. On the other hand, if Bitcoin loses $100K, a massive $1.35 billion in BTC longs will be erased, while if the cryptocurrency drops to $96,000, a monumental $4.10 billion will be wiped off.
Bitcoin exchange liquidation – Source: Coinglass
Diving Deeper Into Bitcoin Price Rally
In a post on X (previously Twitter), Bitcoin reporter Vivek confirmed that the supply of Bitcoin on exchanges has dropped to an all-time low, which means that the users of these platforms have withdrawn their money to safer alternatives like hardware wallets, aiming to keep their coins for a longer term. He predicted that a “supply shock” for Bitcoin is incoming, which could put the cryptocurrency on a bullish path towards a new all-time high.
#Bitcoin balance on exchanges hits an all time low.
Supply shock incoming 🚀 pic.twitter.com/BkEmFfWeE7
— Vivek⚡️ (@Vivek4real_) January 6, 2025
As per CoinMarketCap data, the current all-time high for Bitcoin stands at $108K, printed over 20 days ago. If the bullish momentum surrounding Trump’s inaugural day is maintained and US spot BTC exchange-traded funds continue to witness inflows, BTC could potentially hit a new ATH before January 20th.
Bitcoin Price Analysis
The chart below shows the Relative Strength Index (RSI) for Bitcoin, which reads a value of 62.6, confirming that the bulls are overall in charge of the digital asset’s price action. Moreover, the gradient of the line suggests that higher prices are definitely possible, as chances of BTC continuing its move towards $110K are significantly high.
Bitcoin price – Source: TradingView
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