Bull Run Brewing: BTC and ETH on the Edge of Glory

January 17, 2025 - 1 min. read

By Sjuul Föllings

Market roundup 17th of January

January has suddenly turned bullish again after BTC rejected the lower bound of its range. This shift in momentum has immediately reignited greed among traders. Will this bullish correction extend into an entirely new bullish impulse phase? Let’s find out together.

7 Days Heatmap

After rejecting the $91,000 mark, BTC surged by over 9%, pulling the entire crypto market upward, much like children following their mother. Leading the rally are US-based coins, with XRP taking the spotlight after surging by over 45%.

7 days market heatmap showing overall bullish sentiment with BTC up by almost 10%.
Crypto Heatmap 7-Days

BTC Analysis

In our previous BTC update, it broke above the last major high, marked in orange at $95,400, and surged in a parabolic fashion.

Currently, BTC is approaching the upper bound of its range at $102,750, which is a critical make-or-break zone.

BTC 4h chart hovering around a strong structure at $102,750.
BTC Chart – 4H Timeframe

To sustain the bullish momentum from a long-term perspective, BTC needs to break above the $102,750 level.

ETH Analysis

In our previous roundup article, ETH rebounded from the $3,000 support level and surged dramatically.

Currently, ETH is approaching the upper bound of the falling wedge pattern, highlighted in red, which aligns perfectly with the $3,500 resistance zone.

ETH approaching a strong resistance zone at $3,500 - $3,550.
ETH Chart – 4H Timeframe

For the bulls to gain long-term control, ETH needs to break above the $3,550 mark.

Meanwhile, as long as ETH continues trading within the falling wedge pattern, highlighted in red, the overall trend will remain bearish.

Quote of the week

Most traders take a good system and destroy it by trying to make it into a perfect system.
~ Robert Prechter

Closing Remarks

In summary, the crypto market has turned bullish, with BTC leading the surge after rejecting the $91,000 mark and climbing over 9%. This rally has lifted the entire market, with US-based coins, particularly XRP, gaining significant momentum with a 45% increase.

BTC broke above the $95,400 level in a parabolic move and is now approaching a critical resistance zone at $102,750. A break above this level is essential to extend bullish momentum into the long term.

Similarly, ETH has rebounded from the $3,000 support and is nearing the upper boundary of a falling wedge pattern at the $3,500 resistance zone. For bulls to take control, ETH must break above $3,550, as trading within the wedge keeps the overall trend bearish.

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Sjuul Föllings

Sjuul achieved financial independence through years of immersion in cryptocurrency. Starting in 2016, he faced..

Sjuul Föllings