[New York Coin Market] Bitcoin surpasses $94,000, next target is $100,000

Source: BlockMedia Original Title: [New York Coin Market/Closing] Bitcoin Rises Again… Surpasses $94,000, Next Target is $100,000 Original Link: On the 5th(, local time), the New York digital asset market continued its strong start to the year amid a Bitcoin-led rally. Bitcoin surged to a high of $94,458 intraday, reaching its highest level in about four weeks since mid-last month, and many top-market-cap altcoins also rose together. However, some assets showed mixed fluctuations, and concerns about short-term overheating and liquidity restrictions remain.

According to CoinMarketCap, the total market capitalization of digital assets is approximately $3.16 trillion, up 1.17% from the previous day. During the same period, the CMC20 index recorded 200.64 points, a 3.49% increase, reflecting a broad market bullish trend.

Bitcoin closed the day up 3.61% at $94,458. This upward momentum intensified around midnight UTC, after CME Bitcoin futures trading began, creating a ‘gap’ between $95,000 and $91,550. This suggests the possibility of price adjustments within this range in the coming days.

Ethereum rose 2.81%, surpassing $3,200, while XRP surged 8.35%, settling around $2.26. Binance Coin increased by 1.41% to $907.73, and Solana gained 2.35% to $137.26. Dogecoin fell slightly by 0.34% during the day but maintained a strong weekly gain of over 23%.

Cardano rose 4.49% to $0.4183, and Bitcoin Cash increased 1.03% to $648.51. Meanwhile, Tron experienced a slight decline of -0.70%, remaining at $0.2922.

Despite weak momentum across the broader altcoin market, investors continued to maintain a Bitcoin-centric portfolio. In fact, indices related to metaverse and meme coins declined by about 2% to 6%, indicating limited capital inflow. This reflects that the liquidity contraction since the large-scale liquidation event in October last year has not been fully resolved.

The recent Bitcoin surge is interpreted as a result of the market’s risk appetite recovering amid geopolitical issues. Changes in U.S. government policies have attracted buying interest in risk assets overall, positively impacting the digital asset market alongside stocks and precious metals.

The Bitcoin premium index on certain regulated exchanges rebounded sharply earlier this month, signaling capital inflow into the U.S. market. The index hit a 9-month low of -0.018% on the 1st but has since recovered to around -0.03%.

In the options market, demand for Bitcoin put options has generally weakened, while call options with a $100,000 strike price have seen increased buying, indicating that bullish sentiment remains intact. The annualized funding rate for Bitcoin perpetual futures exceeds 10%, reflecting strong long demand.

Market analysts say, “Whether Bitcoin can break through the $95,000 resistance will be a key determinant of whether the upward trend continues,” adding, “If this trend is confirmed during the U.S. trading session, it could signal a reversal of the ‘U.S. session weakness’ pattern seen at the end of last year.”

However, they also note, “Bitcoin declined cumulatively by 5.45% during U.S. trading hours last year, while it rose by 10.01% during Asian hours, so the shift in market flow during the U.S. session is crucial.”

The RSI currently averages 58.4, indicating it is on the verge of entering overbought territory, and profit-taking sell-offs could trigger short-term corrections.

Overall, the market favors a strategic approach centered on Bitcoin. While open interest in BTC, BCH, and XRP increased by 2-5%, ETH, SOL, and DOGE showed weakness or declines, suggesting risk appetite is selectively expressed.

Experts forecast that Bitcoin and Ethereum will remain core investment pillars for the time being, but also see short-term trading opportunities in some strong altcoins. Given the RSI nearing overbought levels and the CME gap risk, cautious buying on rapid surges is advised.

The Alternative Fear & Greed Index remains at 42, indicating a ‘neutral’ sentiment.