Bitcoin soared to a new all-time high, breaking past $109,500 on Jan. 20, driven by speculation around a potential strategic Bitcoin reserve. DeFi betting platform Polymarket saw the odds for this reserve jump to 69%, fueling excitement in the crypto market.

Adding to the buzz were the launches of Trump-themed memecoins, Official Trump (TRUMP) and Official Melania (MELANIA), which quickly gained traction among traders. Intergovernmental blockchain expert Anndy Lian remarked that these launches could mark a transformative moment for memecoins and altcoins. However, the sharp volatility in TRUMP and Solana serves as a reminder for traders to approach such parabolic moves with caution, as vertical rallies often lead to steep corrections.

Bitcoin bounced off the 20-day EMA at $99,257 on Jan. 20 and surged to a fresh all-time high of $109,588, showing strong bullish momentum. If buyers can keep the price above the critical level of $108,353, it could signal the start of the next big move upward. In that scenario, the bulls might aim to push BTC/USDT toward the next major target of $126,706. However, if Bitcoin fails to hold above $108,353, it would suggest that sellers are aggressively defending this level.

A drop below the moving averages could weaken bullish sentiment, leading to a consolidation phase between $109,588 and $90,000 over the next few days. Ether’s bulls are holding the line at the neckline of the head-and-shoulders pattern but are struggling to overcome selling pressure at the 50-day SMA, which stands at $3,537. The 20-day EMA, trending downward at $3,362, along with the RSI hovering near neutral, gives bears a slight upper hand. A decisive break below $3,125 could increase bearish momentum, driving the ETH/USDT pair down to the solid support zone near $2,850. For buyers to regain control, they need to push Ether above the 50-day SMA, which would signal a reduction in selling pressure. If successful, the pair could climb toward $3,745, where stiff resistance is expected.

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