Bitcoin Surges to $96K in 2-Month High, Approaching Key Bull Market Indicators

Bitcoin prices have reached their highest level in 2026, prompting predictions of a return to six figures this month.

Bitcoin reached $96,000 on Coinbase in morning trading in Asia on Wednesday morning, according to TradingView.

It is the highest value the cryptocurrency has reached since November 16, marking a two-month high. BTC has now gained 9% since the start of 2026, as the fear and dread from October’s record breaking event is put behind us.

The move came after US President Trump urged Federal Reserve chairman Jerome Powell to cut interest rates following a lower-than-expected CPI print.

There is a good chance that we will retest the bull market support band soon, noted analyst ‘Daan Crypto Trades’ on Tuesday. The band is “slowing down while the price is trying to go up,” he said.

“That reassessment is what we see all the time. Whether it backfires or is rejected is very important in the next few weeks or months.”

$BTC Consider that there is a good chance that we will retest the bull market support band soon.

It is falling rapidly while the price is trying to rise.

That reevaluation is what we see all the time. Regardless of whether it recedes above or declines, it is most important to the following few… pic.twitter.com/krC7mM3OCs

– Daan Crypto Trades (@DaanCrypto) January 13, 2026

50 Week EMA is Important

Another analyst Will Clemente noted that this Bitcoin rally is “led by spot buying and fading as funding turns negative while open interest rises + spot value on days.”

Negative futures funding rates, combined with rising open interest, suggest shorts are accumulating positions to fight the rise, potentially planning to squeeze short if local demand continues.

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At the time, analyst ‘Sykodelic’ called it a “really good move from Bitcoin,” and a clean break of $94,500 on rising volume.

“All eyes on the daily close now… hold above $94.5k and I believe we see a continuation to $100k,” he added.

The daily closing of BTC on Coinbase was $95,370 according to Tradingview, and the asset was trading slightly below that level at press time.

An analyst at ‘Stockmoney Lizards’ noted the 50-week moving average, “which has been a bull/bear type of indicator for years.”

“I continue to believe that this is NOT a bear market yet,” he said before adding, “For my opinion 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 interesting.

The weekly EMA50 has been a type of bull/bear indicator over the years.

I continue to believe that this is NOT a bear market yet.

For my opinion to be true, BTC should be able to cross the weekly EMA50.

It will monitor… pic.twitter.com/GaQgDv9J1m

– Stockmoney Lizards (@StockmoneyL) January 13, 2026

Elsewhere in Crypto Markets

Ethereum has had a big boost since Bitcoin’s big move, gaining 8% higher 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.

Altcoins were rising in line with strong gains for XRP, Dogecoin, Cardano, Monero, Chainlink, and Stellar.