Bitcoin topped $96,000 on Coinbase in early trading in Asia on Wednesday morning, according to TradingView.
It is the highest price the cryptocurrency has reached since November 16, marking a two-month high. BTC has now gained 9% since the beginning of 2026, as fears and panic from October’s record liquidation event are put behind us.
The move came after US President Trump urged Federal Reserve chair Jerome Powell to cut interest rates following a lower-than-expected CPI print.
There is a good chance we retest the bull market support band relatively soon, commented analyst ‘Daan Crypto Trades’ on Tuesday. The band is “moving down at a fast pace while price is attempting to grind higher,” he observed.
“That retest is one we see every time. Whether it breaks back above or rejects is pretty pivotal for the next few weeks or months ahead.”
$BTC Think there’s a good chance we retest the bull market support band relatively soon.
It’s moving down at a fast pace while price is attempting to grind higher.
That retest is one we see every time. Whether it breaks back above or rejects, is pretty pivotal for the next few… pic.twitter.com/krC7mM3OCs
— Daan Crypto Trades (@DaanCrypto) January 13, 2026
50-Week EMA is Crucial
Fellow analyst Will Clemente observed that this rally on Bitcoin is “led by spot buying and getting faded by perps as funding goes negative while open interest rises + most spot volume in days.”
Negative perpetual futures funding rates, combined with rising open interest, suggest shorts are accumulating positions to counter the uptrend, potentially setting up for a short squeeze if spot demand persists.
Meanwhile, analyst ‘Sykodelic’ called it a “really nice move from Bitcoin,” and a clean break of $94,500 with rising volume.
“All eyes on the daily close now… hold above $94.5k and I believe we see continuation to $100k,” he added.
BTC’s daily close on Coinbase was $95,370 according to Tradingview, and the asset was trading at slightly below that level at the time of publishing.
Analyst ‘Stockmoney Lizards’ observed the 50-week exponential moving average, which “has been sort of a bull/bear indicator in the past years.”
“I continue to believe this is NOT the bear market yet,” he said before adding, “For my hypothesis to be true, BTC should be able to break through the weekly EMA50.”
The 50-week EMA is currently at $97,600, just $2,000 or so above current prices.
Bitcoin price action is now getting interesting.
Weekly EMA50 has been sort of a bull / bear indicator in the past years.
I continue to believe this is NOT the bear market yet.
For my hypothesis to be true, BTC should be able to break through the weekly EMA50.
Will monitor… pic.twitter.com/GaQgDv9J1m
— Stockmoney Lizards (@StockmoneyL) January 13, 2026
Elsewhere on Crypto Markets
Ethereum has had a major boost from the big Bitcoin move, gaining a whopping 8% on the day to reach $3,350, its highest level since mid-December.
Ether has outperformed Bitcoin this year, gaining more than 12% since New Year’s Day.
The altcoins were rising in tandem with solid gains for XRP, Dogecoin, Cardano, Monero, Chainlink, and Stellar.
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