Update: Bitcoin Hits 2026 High Above $97k, Data Shows Sufficient Fuel For...
Bitcoin rallied to $97,500, and multiple data points suggest bulls are planning to push the price above $100,000. Is the bull market back?
Bitcoin’s (BTC) start-of-year recovery continued into the second week of January as the cryptocurrency made fresh 2026 highs above $96,000. The rally confirmed a new higher high structure, and traders are hopeful that a rally above $100,000 is the next target.
Bitcoin secured a daily close above $95,000, confirming a higher high and weakening near-term resistance.
Binance net taker volume briefly exceeded $500 million, coinciding with rising open interest and the lowest hourly funding rate since October 2025.
With limited resistance above $95,000, a technical rally to $103,500 is possible.
Onchain data shows Bitcoin’s rally gaining strength. The Coinbase Premium Index has gradually reset after sustained selling between Jan. 6 and Jan. 11. While the index remains net-negative, the pace of selling pressure has clearly slowed, suggesting reduced panic from US-based investors.
Additionally, the seven-day average Bitcoin inflow to Coinbase Advanced is running at roughly 2.5 times its baseline. Similar inflow spikes in the past have preceded price appreciation, tied to spot accumulation, OTC settlement, or ETF positioning rather than outright selling.
At the same time, stablecoin inflows remain muted. This points to a waiting phase from investors, and in past cycles, stablecoin liquidity has frequently lagged BTC inflows, but it can turn into a conditional bullish signal if follow-through demand emerges.
Derivatives data reinforces this view. Crypto analyst Amr Taha noted a sharp expansion in Binance net taker volume, with a single hourly candle exceeding $500 million in aggressive market buying.
Combined with rising open interest, this behavior has historically aligned with trend continuation rather than reversals. Similar conditions earlier this month preceded a rapid move toward $96,000.
Source: CoinTelegraph
