Bitcoin is gaining renewed momentum after pushing above $95,000, with analysts pointing to strong spot market demand as the main driver. The move has revived expectations of a run toward the psychological $100,000 level, a price point not seen since late last year.
Recent price action suggests the rally is being powered by direct purchases of Bitcoin rather than leveraged derivatives. Over the past 24 hours, Bitcoin climbed nearly 5%, while more than $269 million in short positions were liquidated, forcing bearish traders to exit. This type of move is often viewed as healthier, as spot buying reflects real demand for the underlying asset rather than speculative paper exposure.
crypto analyst Will Clemente said in an X post on Tuesday;
Several market watchers believe the path toward $100,000 is opening if current conditions persist. Prediction market data indicates roughly 50% odds of Bitcoin reclaiming six figures by early February, with smaller but notable chances of a move beyond $105,000. Historically, while January tends to be modest for Bitcoin, February has delivered stronger average returns, adding to the bullish narrative.
Santiment said in an X post;
Despite the rally, crypto sentiment remains cautious, lingering near fear levels after the October liquidation shock. Analysts note that a decisive push toward $100,000 could reignite retail interest, potentially accelerating momentum as confidence returns to the market.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.