Whale Activity Spikes as Bitcoin Reclaims $102,000—What Investors Need To Know

With its recent performance demonstrating strength above $100,000, Bitcoin has been rising steadily. A more interesting view can be seen on the chart: Bitcoin might still be in a covert downward trend. Despite not forming bullish sentiment, it has achieved a higher high since its peak in late 2024. The daily chart's descending trendline is the most telling indicator.

Bitcoin has not made a clear move above this barrier, indicating that there is insufficient evidence to support a complete uptrend. In order to maintain its upward trend, Bitcoin needs to surpass its previous peak of approximately $110,000. Its price action remains in a mixed zone until then, and any rejection below this level could strengthen the hidden downtrend. The volume profile of Bitcoin is another factor contributing to the uncertainty. It has not yet attained the levels observed during its previous peaks, despite a recent increase. Chart by TradingView">

This can suggest that there is not enough intense buying power to move Bitcoin past its present resistance. However, Bitcoin's ability to hold steady above the 50 EMA and maintain its value around $100,000 gives bulls hope. These levels serve as solid support, and a breakout is still possible as long as Bitcoin stays above them.

Bitcoin is at a turning point in the near future. The hidden downtrend would be disproved and a return to bullish momentum would be indicated by a breakout above $110,000. In contrast, it might confirm a wider correction if it fails to break above the trendline and drops below $9,000.

Dogecoin's potential breakthrough

At around $0.40, Dogecoin successfully broke through a significant resistance level, indicating fresh market bullishness. In addition, it is making an effort to cross the 50 EMA resistance, a crucial technical barrier that has kept the price lower for weeks. There have been two recent attempts to break above the 50 EMA with this move. Notwithstanding its encouraging upward momentum, DOGE has not yet established itself above this level, so the next few days will be crucial for its price trajectory.

The $0.45-$0.50 range may be the target of future upward movement if Dogecoin can gain traction above $0.40 and sustain its momentum past the 50 EMA. This positive outlook is also supported by the volume data. The buying pressure has increased noticeably, which is necessary for DOGE to continue its current bullish attempt. The market is still cautious, though, because a retracement back to the support zone around $0.35 could occur if it is unable to hold above $0.40.

The bearish trend that has been in place since mid-December would be nullified if this resistance level were broken. A strong breakout would suggest that bulls are back in control and might even lead to a larger rally. In the event that DOGE is unable to maintain its position above the resistance, bears may regain control and push the price back down to $0.30 or below. In that case, DOGE would probably enter a protracted consolidation phase.

Ethereum still suppressed

With its price movement indicating little hope for the near future, Ethereum is still having trouble on the market. The cryptocurrency has not produced any notable upward momentum and has been trapped in a consolidation phase. With a current price of about $3,740, Ethereum has failed to recover its earlier highs. Near $3,120, it recently recovered from the 200 EMA, resulting in a brief rally of support.

But it is hard to break through the resistance levels at the 50 EMA - roughly, the $3,557 and $3,800 mark. The price has repeatedly failed to close above these crucial levels, indicating a lack of bullish momentum. A dreary picture is also painted by the current volume, which indicates little buying interest and feeds bearish sentiment. The likelihood of a deeper retracement rises if Ethereum is unable to break through the 50 EMA and gain traction above $3,800.

The 200 EMA, which has served as ETH's effective defensive line thus far, is located close to $3,120, the next important support. Should there be a breakdown below this threshold, additional drops might be possible, possibly reaching $2,900 or less. A successful breach above $3,800, on the other hand, might reignite bullish sentiment and move Ethereum closer to the psychological level of $4,000 and higher.

Massachusetts and Wyoming have formally introduced bills today to establish a strategic Bitcoin reserve for the state. California’s state representative has also started proceedings to draft a Bitcoin-focused bill.

As of January 2025, at least 15 US states are planning to add BTC as a part of their asset reserves.

US Bitcoin Reserve Dream is Transpiring

Wyoming lawmakers, led by Representative Jacob Wasserburger, have proposed House Bill 201, which would allow the state to invest up to 3% of its public funds in Bitcoin.

If approved, this legislation could see Wyoming’s state-managed assets, including Bitcoin, in its portfolio. The assets accumulated to nearly $30.8 billion in 2024.

The bill would allow BTC to be added to the general fund, permanent mineral trust fund, and permanent land fund portfolios.

The largest of these funds, the Permanent Wyoming Mineral Trust Fund, holds nearly $11.5 billion. With this approval, the state could allocate over $300 million to Bitcoin investments.

The bill is co-sponsored by several representatives and has gained support from Wyoming Senator Cynthia Lummis.

Meanwhile, Massachusetts Senator Peter Durant has introduced Senate Docket 422 (SD422), titled “An Act Relative to a Bitcoin Strategic Reserve.”

Also, this bill would allow the Massachusetts State Treasurer to invest up to 10% of the annual deposits in the Commonwealth Stabilization Fund into Bitcoin or other digital assets.

With the fund holding over $8 billion as of 2024, the state could allocate up to $800 million to Bitcoin under this proposal.

Unlike Wyoming’s bill, Massachusetts’ legislation also permits investments in other digital assets and includes provisions for lending these assets to generate additional returns.

Oklahoma, Texas, and California Join the Movement

As BeInCrypto reported earlier, Oklahoma and Texas are also advancing similar proposals. In Texas, State Senator Charles Schwertner has introduced legislation to designate Bitcoin as a reserve asset.

California is taking a more exploratory approach. Assembly Member Phillip Chen’s office is appointing the non-profit organization Proof of Workforce to assist with drafting a Bitcoin-focused bill.

The group will provide education, community engagement, and research to explore Bitcoin’s potential for supporting state infrastructure and financial resilience.

At least 15 US states, including Ohio and Pennsylvania, are considering Bitcoin reserves to hedge against dollar devaluation and economic uncertainty.

Globally, countries such as Japan, Switzerland, and Russia are examining strategies to incorporate Bitcoin into their financial systems. In Canada, Vancouver has already approved Bitcoin for municipal reserves.

Also, a recent report by VanEck suggests that widespread adoption of Bitcoin reserves could reduce the US national debt by 36% this year.

These developments highlight Bitcoin’s expanding influence as a financial asset, with more states and nations exploring its potential to improve fiscal stability.

Solana (SOL) has made a remarkable recovery following Monday’s unexpected flash crash, surging by more than 28% in less than five days. This impressive rebound has sparked renewed optimism among investors, who are now eyeing the potential for a bullish continuation in the weeks ahead. The rapid price increase has positioned Solana as one of the top-performing assets in the crypto market, signaling a potential shift in momentum.

Renowned analyst Jelle recently shared a detailed technical analysis, highlighting that Solana has broken out of its prolonged downtrend. According to Jelle, SOL has successfully reclaimed crucial monthly and weekly support levels, indicating a significant move could be on the horizon. These levels, often considered key benchmarks for long-term stability, suggest that Solana’s recent gains may be more than just a temporary bounce.

If Solana can sustain this momentum, it may not only recover from recent losses but also pave the way for further gains, potentially outperforming other major altcoins. As technical indicators align with market enthusiasm, Solana could be gearing up for a breakout rally that captures the spotlight.

Solana Set To Enter Price Discovery Phase

Solana (SOL) emerged as one of the top market performers in 2024, posting an impressive surge of over 170%. This stellar performance cemented its position as a market leader and highlighted its resilience and growth potential within the crypto space. As 2025 unfolds, optimism surrounding Solana remains high, with many investors anticipating significant gains in the coming months.

The momentum appears to be building already, as Solana begins the year with a potential breakout. Renowned analyst Jelle recently shared insights on X, pointing out that SOL has successfully broken out of the downtrend that had restrained it since late November.

Moreover, Solana has reclaimed both monthly and weekly support levels—crucial milestones indicating that the asset has regained its bullish footing. According to Jelle, the price action for Solana is “super clean,” suggesting that the cryptocurrency is well-positioned for higher valuations.

Jelle’s initial target for SOL is set at $330, a level that would not only mark a significant recovery but could also push Solana into a price discovery phase. This phase typically sees heightened market interest and volatility as traders and investors recalibrate expectations for the asset’s long-term value. With technical indicators and market sentiment aligning, Solana appears poised to capitalize on its upward trajectory.

If Solana sustains this bullish momentum, it could continue to dominate headlines as a top-performing asset in 2025. As anticipation builds for further upside, traders and investors are closely monitoring key levels, knowing that the cryptocurrency’s next big move could redefine its role in the broader crypto ecosystem.

SOL Testing Crucial Supply Around $220

Solana (SOL) is currently trading at $218, approaching a critical level that could determine its next major move. The price is on the verge of setting a new local high above $222, a significant resistance point. Breaking through this level would signal a strong bullish continuation, setting the stage for massive price appreciation and the potential to reclaim its all-time high (ATH).

Analysts believe that if SOL clears the $222 mark and maintains its momentum, the next key level to watch is $250. Reclaiming and holding $250 as support would pave the way for Solana to enter uncharted territory, pushing its price into a new all-time high and potentially beginning a price discovery phase. This development would further solidify Solana’s position as a market leader and attract increased investor attention.

However, failing to surpass the $222 resistance or reclaim the $250 level could lead to a consolidation phase. Such a pause in price action might delay Solana’s rally but could also provide a foundation for renewed momentum in the future. With market participants closely monitoring these levels, Solana’s price movements in the coming days will be pivotal in determining whether the cryptocurrency embarks on its next major leg up or enters a temporary holding pattern.

Featured image from Dall-E, chart from TradingView

Ethereum is up $155.27 today or 4.68% to $3473.83

• Highest 5 p.m. level since Jan. 6, 2025, when it traded at $3668.65
• Up three of the past four days
• Up 3.86% month-to-date
• Up 3.86% year-to-date
• Down 27.63% from its all-time high of $4800.00 on Nov. 9, 2021 (based on 5 p.m. levels)
• Up 39.64% from 52 weeks ago (Jan. 19, 2024), when it traded at $2487.71
• Down 14.23% from its 52-week high of $4050.30 on Dec. 16, 2024 (based on 5 p.m. levels)
• Up 60.11% from its 52-week low of $2169.66 on Sept. 6, 2024 (based on 5 p.m. levels)
• Traded as high as $3525.46; highest intraday level since Jan. 7, 2025, when it hit $3698.95
• Up 6.23% at today's intraday high

Note: The Ethereum price is a 5 p.m. ET snapshot from Kraken

Data compiled by Dow Jones Market Data

Dogecoin's (DOGE) price is up 10% on Jan. 17, forming a higher value of $0.42 on the one-day chart. A candle close above $0.40 will signal a strong trend reversal for the memecoin, which has consolidated between $0.45 and $0.30 since Nov. 11.

On January 20, 2025, Decubate (DCB) will be listed on a major cryptocurrency exchange. This platform has over 13 million users and a daily trading volume exceeding $1.5 billion. Such listings often create interest and increase access to the token, possibly pushing the price higher as more investors can buy and trade it. This event could be a big boost for DCB's visibility and demand. For more details, visit the official announcement.