Bitcoin traders eye $130.000 as market momentum builds
Bitcoin traders are optimistic about a potential surge to $130,000 or higher as the bull market gains traction. On January 2, 2025, Bitcoin continued its recovery, reaching $95,880 on Bitstamp, with a 1.5% daily gain. This rebound follows a test of monthly lows and reflects growing bullish sentiment.
Key Developments:
- Market Momentum: Increased trading volume at lower price ranges signals growing interest among buyers. Trader Daan Crypto Trades noted that the mid-range resistance at $95,800 is crucial for predicting short-term moves.
- Bullish Sentiment: Trader Jelle highlighted similarities between this year’s and last year’s price action, predicting a breakout to $130,000–$150,000.
- Long-Term Confidence: Entrepreneur Jason Williams emphasized Bitcoin’s re-entry into the accumulation zone, suggesting consolidation could precede a breakout. He predicted a price of $131,500+ in Q1 2025.
- Broader Optimism: Cole Kennelly, founder of Volmex, anticipates a “risk-on” shift as traditional financial (TradFi) investors return post-year-end rebalancing.
Outlook: Bitcoin’s market structure suggests strong upward potential. A breakout above $95,800 could lead to significant gains, while sustained consolidation may attract further institutional interest. Additionally, the expected influx of liquidity from TradFi investors reinforces the bullish narrative.
As momentum builds, traders are closely watching resistance levels and broader market dynamics to gauge Bitcoin’s path toward potential new all-time highs.
Source: Cointelegraph
Why is XRP price rising today?
XRP’s price surged by 11.92% on January 1, 2025, marking its largest daily return since December 2, 2024. This rally is fueled by increased market interest, significant token movement by Ripple, and speculative optimism tied to political developments, particularly Donald Trump’s upcoming inauguration on January 20, 2025.
- Increased Open Interest: Open interest (OI) in XRP futures grew by 25% in the first two days of 2025, recovering from a 54% drop in December. Data from CoinGlass shows OI rising from $1.86 billion on December 31 to $2.37 billion on January 2. This indicates fresh capital entering the market, likely in long positions.
- Ripple’s Escrow Movement: Ripple transferred 500 million XRP tokens from its escrow account, worth over $1 billion, with an intriguing note referencing Trump’s inauguration and a promise to “make crypto great again.” This transaction acted as a market catalyst.
- Short Liquidations: Over $15 million in XRP short positions were liquidated in the past 24 hours, the third-largest liquidation among cryptocurrencies, adding to bullish momentum.
- Spot Buying: XRP’s exchange reserve on Binance dropped from 2.97 billion to 2.90 billion tokens in late December, suggesting strong buying activity during the recent price correction from $2.25 to $2.00.
XRP is trading within a symmetrical triangle pattern. Resistance at $2.50–$2.60 could cap short-term gains, while a breakout above $2.60 may lead to new yearly highs above $3. Conversely, support at $2.10 may limit downside risks. Maintaining a close above $2.30 will help sustain investor confidence.
In summary, XRP’s recent rally is supported by positive market dynamics, speculative sentiment, and Ripple’s strategic moves, although key resistance levels could shape its short-term trajectory.
Source: Cointelegraph
Solana price rallies above $200 after $55M SOL sale by Pump.fun
Solana’s (SOL) price experienced a sharp rebound, rising over 10% to $208.41 on January 1, 2025, following significant sell-off activity by the memecoin launch platform Pump.fun. This recovery started less than an hour after Pump.fun transferred $55 million worth of SOL to the Kraken cryptocurrency exchange.
Key Developments:
- Pump.fun Transactions: On January 1, Pump.fun completed two major SOL transfers to Kraken. The first, valued at $22.8 million, occurred at 4:37 pm UTC, followed by a $32.7 million transfer at 5:45 pm. This brought Pump.fun’s total SOL deposits to Kraken to over $303 million in 2024, with $41 million worth of tokens sold to date.
- Market Reaction: Solana’s price dipped to $189 but rebounded significantly after the transfers, suggesting strong market absorption of sell pressure.
Future Outlook:
- Potential ETF Approval: Solana may reach $400 by 2025, driven by optimism around the approval of the first U.S. spot Solana exchange-traded fund (ETF). Data from Polymarket shows a 76% probability of ETF approval, which could provide a substantial price boost as this is not yet fully priced into the market.
- Upcoming Deadlines: Grayscale’s Solana ETF application faces a decision deadline of January 23, while four other asset management firms, including VanEck and Bitwise, await preliminary decisions by January 25.
Solana’s price movements reflect both immediate market dynamics and long-term optimism tied to the ETF narrative, setting a bullish tone for 2025.
Source: Cointelegraph