Bitcoin pierced the critical $100K resistance level today, giving the market a much-needed boost of optimism. Daily RSI looks solid, not yet in overbought territory, while OBV is trending upward and volume is exceeding the SMA benchmark. However, the pause at this level is unnerving, as it remains a pivotal moment for BTC to maintain momentum or risk a significant correction.
Market Indicators Signal Hope
Stablecoin dominance continues to dump, now firmly below the daily TBO Cloud, which is an excellent sign of reduced market fear and increasing bullish sentiment.
Similarly, Bitcoin Dominance faced rejection at resistance, aligning with the golden scenario for altcoins to gain traction.
Despite this, OTHERS.D is still bearishly consolidating inside the daily TBO Cloud, showing no significant signs of recovery just yet.
TOTAL market cap is also testing resistance, with daily RSI at a critical level. TOTAL3, however, looks promising, fueled by XRP’s record-breaking rally to new all-time highs. BVOL7D’s retreat is adding confidence for altcoins to push higher, suggesting the potential for more market-wide recovery.
Macro Trends and Soft CPI Data
TradFi markets gapped up today, with major indices like SPX, DJI, and NDX starting strong. The VIX dropped nearly -14%, signaling reduced market volatility and contributing to the bullish momentum. Softer CPI numbers seem to be the catalyst, creating a favorable environment for both traditional and crypto markets to rally.
Altcoin Highlights: XRP and Beyond
XRP soared to an all-time high of $3.20, entering price exploration mode. The chart remains incredibly bullish, and while a slight pullback is expected, the overall trajectory looks strong. SHIB, AVAX, and BCH all printed TBT Bullish Divergence signals, indicating the potential for significant bounces.
Other notable movers include LTC, which pushed above resistance after two TBO Close Shorts 🔶, and HEX, which surged 29% following its RSI Reset. Patience paid off for HEX holders as the chart delivered on its bullish promise.
Looking Ahead
Bitcoin’s ability to maintain momentum above $100K is critical. A continuation of today’s breakout could open the door for further gains, while a failure to hold above this level might lead to a retest of $89K or even lower. With Trump's inauguration just days away and increasing optimism in both crypto and TradFi markets, the stage is set for potentially explosive moves.
Short term, the ride is volatile, but long-term prospects for Bitcoin and the broader market remain bullish.
