BTCUSD Rises Near $94k on Intensify Crypto Bulls Actions
Bitcoin (BTCUSD) has climbed near its resistance level, as the world’s largest digital asset is now struggling to cross $94k, a point reached last year before it spiralled downward.
The market has been caught between hardened bearish traders and new bullish buyers spotting upside in the crypto asset. However, crypto bulls have intensified buy action in the last 24 hours.
Trading data across cryptocurrency exchanges revealed that BTC has gained 1.12% in the last 24 hours, and it has been fluctuating behind $94, raising concerns about a possible price retreat.
Price has settled at $93,845 on Tuesday as trading volume climbed by more than 32% in the last 24 hours to $45.23 billion – extending a 6.80% weekly gain amid broad crypto market strength. This pushed market value of BTC to $1.87 trillion, according to data from Coinmarketcap.com.
The digital asset attracted buying interest as Banking giant Morgan Stanley filed with the SEC to launch spot Bitcoin and Solana ETFs, marking a major endorsement from a $9 trillion asset manager.
This follows Trump-era regulatory shifts and strong ETF inflows industry-wide. Crypto analysts said the filing signals deepening institutional interest, which could widen Bitcoin’s investor base and increase demand.
Historically, ETF approvals (like 2024’s spot BTC ETFs) have preceded major rallies, and Morgan Stanley’s move reinforces Bitcoin’s legitimacy as an asset class. On the technical side, the market is seeing an overbought signal.
While overbought signals suggest potential consolidation, the broader trend remains constructive and market anticipates possible breach of resistance level could push Bitcoin higher.
Latest development revealed that Senate talk has intensified ahead of a January 15 markup deadline for crypto market structure legislation.
Key disputes include DeFi liability and Trump-linked provisions. Trump-aligned PACs received $21.5 million from crypto firms like Gemini, signaling industry bets on GOP regulatory outcomes.
Meanwhile, Coinbase’s David Duong revealed that about 33% of Bitcoin’s supply – addresses with exposed public keys- is vulnerable to quantum attacks via Shor’s algorithm.
While practical quantum computing remains 10-15 years away, the “store now, decrypt later” risk pressures Bitcoin’s $1.88 trillion market cap. Developers are exploring quantum-resistant soft forks, but migration complexities loom.
Crypto analysts see the disclosure as neutral-to-bearish for BTC in the long term, as it highlights systemic security challenges without immediate fixes. ZECUSD Explodes with 14.5% Gain in Crypto Market
