Bitcoin Rally: $96,500 Price—Is It Heading for $100K Soon?

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

January 2, 2025

Bitcoin (BTC) is trading at $96,568, marking a 3.16% gain in the past 24 hours, supported by a market cap of $1.91 trillion. With a robust 24-hour trading volume of $33.9 billion, Bitcoin’s current momentum showcases increasing investor confidence.

The Fear and Greed Index has improved to a neutral 51 from a prior reading of 48, reflecting a gradual shift toward optimism in the crypto market.

Meanwhile, the broader cryptocurrency market has a total valuation of $3.41 trillion, with daily trading activity of $114.7 billion. However, Bitcoin dominance stands out, surging to 56.2%, overshadowing Ethereum at 12.2% and altcoins at 31.6%.

IRS Crypto Tax Delay Could Drive Buying

The IRS has postponed its new crypto cost-basis reporting rules to December 31, 2025, which initially required centralized exchanges to implement the FIFO (First In, First Out) accounting method. Critics argued this could inflate tax liabilities during bull markets by taxing older, lower-cost basis holdings first.

This delay gives investors breathing room to use more flexible accounting methods, such as HIFO (Highest In, First Out), while brokers update their systems. The move is seen as favorable for crypto buyers and could stimulate increased market activity, particularly in Bitcoin.

Notably, institutions like the Blockchain Association and Texas Blockchain Council have taken legal action against the IRS over forthcoming broker reporting requirements due in 2027.

Swiss Proposal: Bitcoin for National Reserves

A Swiss initiative aims to amend the nation’s Article 99 Constitution, requiring the Swiss National Bank (SNB) to allocate Bitcoin reserves alongside gold. This proposal, backed by 2B4CH and supported by key industry figures like Tether VP of Energy and Mining, signals increasing global adoption.

The initiative needs 100,000+ signatures by June 30, 2026, to advance. While cities like Lugano are embracing crypto, SNB Chair Martin Schlegel remains skeptical, citing concerns about Bitcoin’s environmental impact and payment utility. Still, such moves underscore Bitcoin’s growing legitimacy as an asset class.

Bitcoin Price Technical Outlook – January 2, 2025

Bitcoin recently broke above a descending trendline, signaling bullish momentum as it eyes a test of the $98,332 resistance level. A Fibonacci retracement at 38.2% aligns with this level, making it a critical threshold for further upside.

If the price clears this resistance, the next targets lie at $100,254 (50% retracement) and $102,177 (61.8% retracement).

On the downside, immediate support is observed at $94,576, with stronger levels at $92,103 and $89,613, safeguarding against potential bearish reversals.

The 50 EMA, currently at $95,000, reinforces the bullish case, while the RSI hovers near 60, signaling moderate buying strength without overbought conditions.

Bitcoin’s triple-bottom pattern at $92,103 has provided a solid foundation for the ongoing rally, while increasing volume supports the breakout narrative.

A sustained move above $98,332 would confirm bullish dominance, potentially paving the way toward the psychological $100,000 level.

Meme Index ($MEMEX) Presale Hits $1.29M

The Meme Index ($MEMEX) continues to captivate the crypto community, raising $1,290,992 out of its $1,941,284 target.

This innovative project revolutionizes the $120 billion meme coin ecosystem by offering structured exposure through curated token baskets.

With a focus on flexibility, governance, and staking rewards, $MEMEX simplifies entry for both new and seasoned participants.

What Sets $MEMEX Apart?

The standout feature of $MEMEX is its diversified token baskets, enabling investors to tailor their portfolios based on risk appetite.

These include:

• Titan Index: Featuring leading tokens like $DOGE, $SHIB, and $PEPE.
• Moonshot Index: Focusing on emerging tokens nearing market expansion.
• Midcap Index: Comprising higher volatility tokens with strong upside potential.
• Frenzy Index: Designed for high-risk investments targeting significant returns.

Presale participants can stake their tokens immediately, earning competitive APY while securing early rewards.

Presale Highlights:

• Raised So Far: $1,290,992 out of $1,941,284
• Current Price: 1 $MEMEX = $0.0148047
• Next Price Adjustment: Just less than 2 day remaining

Don’t miss out on this opportunity to secure your stake in the next big crypto trend.

Visit the MEMEX website to participate and stay informed through Twitter and Telegram for the latest updates.