US Bitcoin reserve would have ‘profound’ impact on adoption: CoinShares

January 10, 2025 Coin Telegraph

Bitcoin

The Bitcoin Act’s passage could eventually send BTC’s price past $1 million per coin, industry executives say.

Establishing a strategic Bitcoin (BTC) reserve in the United States would accelerate Bitcoin’s adoption even more than 2024’s exchange-traded fund (ETF) launches, cryptocurrency researcher CoinShares said in a Jan. 10 blog post.

In 2024, US lawmakers proposed the Bitcoin Act, which would direct the US Treasury Department to create a “strategic Bitcoin reserve” by purchasing 1 million BTC over a 5-year period. President-elect Donald Trump endorsed the plan, which has not yet been passed into law.

“We believe that the enactment of the Bitcoin Act in the United States would have a more profound long-term impact on Bitcoin than the launch of ETFs,” CoinShares said.

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Bitcoin analysts explain why BTC could avoid a drop under $90K

January 10, 2025 Coin Telegraph

Bitcoin analysts explain why BTC could avoid a drop under K

Bitcoin Price

Bitcoin whales, an increase in speculative appetite and other macroeconomic factors are playing a role in keeping BTC price above $90,000.

Bitcoin’s (BTC) price dropped to a new range low at $91,055 on Jan. 9, its lowest value since Dec. 1. The next psychological support range remains under $90,000, and some market analysts continue to forecast a decline below this level.

Bitcoin 1-day chart. Source: Cointelegraph/TradingView

However, the following four reasons suggest that BTC may avoid a drop below $90,000.

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Did Bitcoin bottom at $92K? These 3 BTC charts say the worst is over

January 10, 2025 Coin Telegraph

Bitcoin

Bitcoin price is chasing $95,000 after showing modest gains today as several onchain BTC metrics are hinting at signs of a potential bottom.

Bitcoin (BTC) fell 11% between Jan. 7 and 9, breaking below the $92,000 level for the first time in nine days.

This decline led to the liquidation of over $257.5 million in leveraged long positions over the same period and coincided with profit-taking, strong economic data and uncertainty surrounding US President-elect Donald Trump’s upcoming inauguration.

Despite this short-term bearish momentum, three data metrics indicate that the drop to $92,000 may have marked the local bottom for BTC, providing a good entry point for investors.

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Crypto sentiment index drops to October levels as Bitcoin dips under $92K

January 10, 2025 Coin Telegraph

Crypto sentiment index drops to October levels as Bitcoin dips under K

Bitcoin ETF Flows

The market sentiment index score hasn’t been in the "Neutral" zone since Oct. 14, when Bitcoin was trading at around $63,000.

The Crypto Fear & Greed Index — a measure of Bitcoin and the broader crypto market sentiment — fell 19 points in a day to its lowest score since Oct. 14.

The plunge to a score of 50 out of 100 is one of the index’s biggest daily drops over the last few years, causing market sentiment to plunge into the “Neutral” zone after three months in the “Extreme Greed” and “Greed” zones.

Change in Crypto Fear & Greed Index score over the last day. Source: Alternative.me

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Is the Bitcoin bull run ending? Analyst says metrics don’t point to a ‘market peak’ yet

January 9, 2025 Coin Telegraph

Bitcoin Price

Bitcoin's recent price woes near $92,000 are short-term, and one analyst says traders should ignore the market noise.

Bitcoin’s (BTC) daily chart is on a three-day bearish streak, as the largest crypto asset dropped closer to $92,000 on Jan. 9. General investor sentiment was further deterred on Jan. 9 after the US Department of Justice (DOJ) greenlit the sale of 69,000 BTC worth over $6.5 billion, and spot Bitcoin ETFs witnessed their second-highest net outflow at $569.1 million.

With queries like, “Is Bitcoin bull market over?” starting to surface on X, one analyst said that bullish optimism toward BTC should remain intact.

Bitcoin’s recent downturn is primarily influenced by uncertainties around Federal Reserve rate cuts and investors adopting a cautious approach before President-elect Trump’s inauguration. Onchain data clearly highlights this sentiment, as the 30-day moving average of the Taker Buy/Sell ratio indicated sell-side dominance for the first time since March 2024 (when BTC peaked at around $74,000).

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UK judge dismisses $770M Bitcoin landfill hard drive case

January 9, 2025 Coin Telegraph

UK judge dismisses 0M Bitcoin landfill hard drive case

$770M Bitcoin

James Howells has lost his legal case to recover a $770 million Bitcoin hard drive from a landfill as a judge cites no realistic chance of success.

Update Jan. 9, 2:20 pm UTC: This article has been updated to include Howells’ response and a picture of his Bitcoin address.

James Howells, an IT engineer from Newport, Wales, has lost his legal battle to recover a hard drive containing more than $770 million worth of Bitcoin.

The hard drive, which holds Bitcoin (BTC) mined in 2009, was mistakenly thrown away and ended up in a landfill. The Newport City Council has denied access to the landfill due to environmental permit restrictions.

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Bitcoin Technical Analysis: Bulls Face an Uphill Battle as Resistance Looms at $98,000

January 8, 2025 Bitcoin.com

Bitcoin

Bitcoin is trading at $94,790 to $95,277 over the two hours with a market cap of $1.88 trillion, 24-hour volume of $67.64 billion, and a 24-hour intraday range between $94,511 and $98,202. Bitcoin Bitcoin‘s hourly chart indicates a recent steep decline from $102,017, with support forming near $94,500, suggesting a period of potential accumulation. Resistance […]

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Bitcoin’s brief rally to $100K triggers record 5.4K BTC monthly outflow

January 7, 2025 Coin Telegraph

Bitcoin’s brief rally to 0K triggers record 5.4K BTC monthly outflow

Bitcoin Price

Bitcoin price sold-off today, but heavy demand below $98,000 is prepping the market for the next leg higher.

Bitcoin (BTC) closed a daily candle at $102,180 on Jan. 6 after another round of positive ETF inflows worth $978.6 million. However, prices dropped sharply on Jan. 7 as traders expected BTC to retest the $100,000 level.

Despite these short-term BTC drawdowns, significant investor activity was observed on major exchanges, indicating a bullish urgency.

Burak Kesmeci, a verified analyst at CryptoQuant, highlighted that the 14-day simple moving average (SMA14), which tracks Binance's netflow, has turned negative. As illustrated in the chart, each time the SMA14 has turned negative, BTC has exhibited a bullish shift in the charts.

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Bitcoin traders target $138K BTC price after Coinbase premium hits ‘breakeven point’

January 6, 2025 Coin Telegraph

Bitcoin

The return of the Bitcoin “Coinbase premium” could be a sign that BTC price is on the path to $138,000.

Bitcoin’s (BTC) price is up 8.5% in 2025, with the collective crypto market turning bullish ahead of President-elect Donald Trump’s inauguration on Jan. 20.

Bitcoin 1-month chart. Source: Cointelegraph/TradingView

With BTC breaking past $100,000 yet again, multiple analysts presented new all-time high targets for the largest crypto asset in the coming days.

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Crypto bull market entering final stage: CryptoQuant

January 6, 2025 Coin Telegraph

Altcoins

Digital asset prices may still see substantial gains before the market corrects, the analyst said.

The cryptocurrency market is now in the “later stages of the current bull cycle” and “caution is advised” for investors, according to data analytics provider CryptoQuant.

The bull market, which began in January of 2023, is likely to reach its cyclical peak by the first quarter of 2025, or the second quarter at the latest, Crypto Dan, a CryptoQuant contributor, said in a Jan. 6 post.

“With a substantial influx of new investments as well as additional funds from existing investors, it is reasonable to expect that the market is now in the latter stages of this cycle,” the post said.

Bitcoin Price

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