Bitcoin Price Poised for $108K as Bullish Sentiment Returns

Bitcoin has hit a key breakout level on January 30, reaching $105,563 on Bitstamp, a six-day high, signaling optimism among traders and leaving altcoins behind in its wake. As BTC/USD prices surge, Bitcoin’s upside potential appears to be gaining momentum, with analysts predicting it could soon target new all-time highs.
Despite a recent hawkish stance from the U.S. Federal Reserve's Federal Open Market Committee (FOMC), which decided to keep interest rates unchanged, Bitcoin has shown resilience, bouncing back quickly after an initial dip. This price recovery has reinforced a sense of bullish sentiment in the market, particularly as Bitcoin continues to hold its ground while other cryptocurrencies struggle.
Trader Castillo Trading highlighted the strength of Bitcoin’s market structure, noting that it appears poised for further gains. "Bitcoin structure looks flawless," Castillo Trading remarked in a post on X, referencing Bitcoin's consistent upward trend across multiple timeframes. The divergence between Bitcoin and altcoins was also noted, as altcoins failed to mirror Bitcoin’s rally.
Bitcoin has been the only net gainer among the top 15 largest cryptocurrencies by market cap over the past week, up by 2.3%, according to CoinMarketCap data. Fellow trader Pentoshi agreed, emphasizing Bitcoin’s relative strength amidst market turbulence. "Don’t see any reason we don’t get new highs soon on this at the very least," Pentoshi commented, adding that Bitcoin is now above the middle of its current range, acting as strong support.
Bullish Divergences and Strong Momentum
Crypto trader and analyst Michaël van de Poppe also sees a potential for price discovery to return in the coming weeks, with February emerging as a likely target for further gains. He pointed out that Bitcoin’s price action is playing out bullish divergences, which could pave the way for an even higher rally.
Bitcoin’s ability to shrug off macroeconomic uncertainty, such as the Fed’s decision to maintain its hawkish stance, has surprised many market observers. After the FOMC’s decision, which many had expected to hurt crypto and risk assets, Bitcoin staged a quick rebound. The recovery was particularly notable as markets have priced in tighter financial conditions extending through the end of 2025.
Trader Skew noted the market’s resilience, stating, “Last week's lows raided & market bid liquidity taken.” Skew further emphasized that confirmation of Bitcoin’s strength would come with a sustained price recovery above $105K, along with building momentum.
The move higher saw Bitcoin eating through sell-side liquidity just below $104,000, with new liquidation zones forming closer to the $107,000 mark. According to CoinGlass, this suggests that the path to further gains could become clearer as Bitcoin pushes higher.
On Track for $108K Resistance
With bullish indicators in play, including strong stochastics and RSI, many traders believe that Bitcoin is primed to break the $108K resistance level and continue its upward trajectory. As trader Roman noted, "Stoch & RSI have plenty of room to break 108 resistance and head higher," adding that the bullish divergence is playing out well.
Bitcoin’s recent price action and the broader market sentiment suggest that it is well-positioned to make a run at new highs. As momentum builds and liquidity shifts, traders are watching closely for Bitcoin’s next major move, which could bring it closer to the coveted $108,000 mark.
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