The price of Bitcoin has surged past the $96,000 mark, breaking through a critical resistance zone and indicating a wave of bullish sentiment after several weeks of stagnant, range-bound trading. As of the latest data, Bitcoin is trading at approximately $96,000, reflecting a notable increase of around 4.4% within the past 24 hours. This breakout represents a clear transition beyond the upper limits of January’s consolidation range, positioning Bitcoin around its weekly highs and about 5% above its recent seven-day low near $91,700.
This rising momentum comes amidst a backdrop of legislative developments in the U.S. concerning digital assets. The Senate Agriculture Committee has postponed its markup of the Digital Asset Market Structure CLARITY Act until late January 2025. Meanwhile, the Senate Banking Committee is proceeding with its markup scheduled for January 15. Chairman John Boozman has publicly shared the timeline for advancing cryptocurrency market legislation, detailing that legislative text will be available by January 21, followed by a markup session on January 27 at 3 p.m. Despite this schedule, the delay may reflect a lack of consensus among Senate leaders regarding key issues such as stablecoin rewards, DeFi oversight, and the authority of the SEC versus the CFTC.
In the House, a version of the bill was passed in mid-2025, but it remains contingent on approval from both Senate committees to move forward. Regardless of the legislative uncertainty, Bitcoin’s trading activity has seen a resurgence, with 24-hour trading volume increasing to about $55 billion, underscoring renewed participation as prices climb. Bitcoin’s total market capitalization has now reached approximately $1.92 trillion, maintaining its stronghold in the digital asset sector. The circulating supply is nearing 19.98 million BTC, progressing toward the capped limit of 21 million coins in total.
In related market movements, shares of Strategy (MSTR) have also experienced a significant upturn, closing at $172.99 with a 6.63% gain on the day, with after-hours trading pushing the price up to $177. This uptick follows the company’s announcement on January 12 regarding the acquisition of 13,627 BTC for $1.25 billion, bringing its Bitcoin holdings to 687,410 BTC. The funding for these purchases was sourced through an at-the-market offering program, utilizing Class A common stock sales and its 10.00% Series A perpetual preferred stock.
The recent price jump follows previous unsuccessful breakout attempts over the last couple of months, where Bitcoin struggled to maintain resistance levels near the mid-$94,000 range. Recent market activity had remained limited, fluctuating between $85,000 and $94,000, prompting analysts to call for a decisive upward movement for bulls to reassert control. If Bitcoin can maintain its position above $96,000, potential future resistance zones could appear between $98,000 and $104,000, reflecting levels that have previously hindered upward progress. Conversely, any loss of momentum could lead to a retracement toward earlier resistance that may now act as support.
This breakout aligns with investor concerns surrounding inflation trends, interest rate expectations, and the uncertainty tied to U.S. monetary policy. Compounding the situation, the Department of Justice has initiated a criminal investigation into Federal Reserve Chair Jerome Powell. This inquiry is reportedly intensifying tensions between the White House and the Federal Reserve, with Powell facing grand jury subpoenas related to his testimony concerning a $2.5 billion renovation of Fed office buildings.
As the market remains sensitive to macro narratives, Bitcoin increasingly draws interest as a hedge against political instability and long-term currency debasement, with its current price hovering around $96,000.
