Bitcoin ended January strong, up 9.29%, according to CoinGlass, despite a volatile start to the year.
The end of 2024 saw a sharp correction, with Bitcoin falling from $100,000 in December to below $92,000.
As the new year began at $93,500, the coin quickly regained momentum, surpassing the $100,000 barrier before facing a sharp correction that sent the coin below $90,000 on January 13.
Despite fears of a deeper drop towards $75,000, buyers entered the market aggressively, which helped Bitcoin recover quickly. In just three days, the digital currency was able to surpass $100,000 again, proving its strength in the face of extreme volatility and adorning investment opportunities in it.
The largest cryptocurrency saw additional volatility on Donald Trump’s inauguration day, with the price falling below $100,000 before hitting an all-time high above $109,000.
With this volatile performance, all eyes now turn to February, a historically profitable month for Bitcoin, raising questions about whether it can continue its upward trajectory or face fresh corrections.
At the time of publication, Bitcoin had lost the key psychological support level of $100,000 and was trading near $98,000. Analysts are warning against a drop below $97,000 and $91,000, which are critical supports for Bitcoin’s trajectory.
