Bitcoin has recovered from its 2025 and 8-week low of just below $90,000 during late trading on Monday, Jan. 13.
The asset gained around $5,000 over the past 12 hours from that drop or so to tap the $95,000 level during trading in Asia on Tuesday morning.
BTC is now back in the middle of its range-bound channel that formed in mid-November, having bounced off the lower band support for the fourth time over the past month.
Bitcoin Bullposters Are Back
“We got the bounce, but the question is how much follow-through can we get?” asked business consultant Jacob Canfield on X on Jan. 14.
He added that it would be ideal if BTC could hold $92,000 to challenge the range high of $95,400.
“This week will be vital to see if we can get any kind of a bullish close heading into next week before Trump’s inauguration.”
$BTC – We got the bounce but the question is how much follow through can we get?
Ideal if we can hold $92,000 to challenge the range high at $95.4K.
Getting a lot of SFP (swing fail patterns) at the lows on a lot of alts as well.
This week will be vital to see if we can get… https://t.co/6LnuGeq9ZG pic.twitter.com/3o2Ndr7q52
— Jacob Canfield (@JacobCanfield) January 13, 2025
Trader Bob Loukas asked whether the Bitcoin low was in yet, arguing that it wasn’t. “Sentiment is getting bearish, but permabull accounts are still saying ‘buy now’ vocally,” he observed. He added that a downside move to $80,500, a 50% Fibonacci retracement or 25% drawdown, “would be normal.”
BTC pulled back around 25% in January 2021, the year of the last bull market peak, so history may rhyme.
“From this point, above $99.9k is positive, and BTC should not trade back over $102.5k in this declining phase,” he said before adding:
“But as they say, this is a bull market, after all. So yeah, ultimately I’m super bullish, the question is always just on what time frame.”
Meanwhile, Bitwise CEO Hunter Horsley said 2025 was the year for Bitcoin and crypto, which has “So many tailwinds and so few headwinds.”
Santiment reported that the top trending topics in crypto heavily revolve around Bitcoin’s temporary drop under $90,000 and Trump’s inauguration next week.
“Regarding the former, the fact that ‘$90K’ was being spammed across social media was a great fear signal that would foreshadow a bounce,” analysts said.
️ The top trending topics in crypto are heavily revolving around Bitcoin’s temporary drop to under $90K and Trump’s inauguration next week. Regarding the former, the fact that ‘$90K’ was being spammed across social media was a great fear signal that would foreshadow a bounce. pic.twitter.com/gL2GY1Lm6S
— Santiment (@santimentfeed) January 14, 2025
Elsewhere on Crypto Markets
Total market capitalization remains at $3.43 trillion, where it was this time yesterday following the recovery bounce.
Ethereum hasn’t recovered as much following its brief dip below $3,000 and was trading at $3,180 at the time of writing, down almost 14% on the week.
Altcoins were mixed with a few in the green, including Dogecoin (DOGE), Sui (SUI), Hedera (HBAR), and Hyperliquid (HYPE).
