Technical analyst flags resistance on Bitcoin’s path to new highs

Bitcoin faces only minor resistance between $104,700 and $105,770, where a “supply wall” of 107,000 BTC is clustered, according to technical analyst Ali Martinez.

#Bitcoin sits well above an important support zone between $95,400 and $98,400, where 1.77 million addresses bought over 1.53 million $BTC. However, there isn’t significant resistance ahead, only a minimal supply wall of 107,000 #BTC between $104,700 and $105,770. pic.twitter.com/MEATFegTV2

— Ali (@ali_charts) January 7, 2025

In his view, Bitcoin currently sits well above a key support zone at $95,400–$98,400 — within this range 1.77 million addresses acquired over 1.53 million BTC.

MN Trading founder Michaël van de Poppe shares a similar view.

#Bitcoin made a great start of the year as we’re above $100,000.

I’d like to see $98,000 hold. If that holds, then I’m expecting a new ATH to come. pic.twitter.com/WrNUFlU4sF

— Michaël van de Poppe (@CryptoMichNL) January 7, 2025

“I would like the $100,000 level to hold — if it does, then I expect new all-time highs,” he wrote.

However, Glassnode analysts note a sharp decline in the funding rate (7 MA) — from a mid-December peak of 0.026% to neutral readings below 0.01%.

? After peaking at 0.026% in mid-December, the weekly MA of perpetual funding rates has cooled to 0.009% — just below the neutral 0.01%: https://t.co/CORjRx0X2k

? This suggests a cautious positioning, with speculators showing limited willingness to pay premiums for long… pic.twitter.com/JwSPpZRpeG

— glassnode (@glassnode) January 7, 2025

“This suggests cautious positioning, as speculators show limited willingness to pay premiums for long positions,” they emphasized.

According to the analysts, demand for leveraged longs remains subdued on most exchanges.

Earlier, Martinez emphasised there is still no reason to declare the start of a bear phase in the Bitcoin market.