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On the morning of January 17, Bitcoin surged past $101,000, rising over 2% at one point. In the last 24 hours, over 100,000 users faced liquidation.
$BTC: I estimate it will fluctuate between $97,000 and $102,000, with the key factor being whether it can break through $102,000 in one go. If it can’t, it may need to adjust further. For those who bought in around $90,000, now might be a good time to secure some profits.
$BNB: This asset is likely to hover between $690 and $730. When BTC makes a move, platform tokens seem to lag a bit. The megadrop event is set to expire on the 17th, so minor fluctuations are inevitable, but if you plan to hold long-term, these waves are manageable. Let’s just hope for the next airdrop to catch another wave!
$ETH: It will probably fluctuate between $3,200 and $3,500. This rebound isn’t much stronger than BTC. Whether institutions will increase their positions remains to be seen. However, I still think converting to BTC is more reliable!
Now, let’s discuss today’s daily BTC technical analysis. From the candlestick chart, the 1-hour level shows an uptrend, the 4-hour level shows an uptrend, the 12-hour level shows an uptrend, and the daily level shows an uptrend, with an intraday resistance level at $104,600 and a support level at $98,200.
According to reports, on Wednesday local time, Oklahoma proposed a bill to establish a strategic Bitcoin reserve, joining a growing number of states looking to leverage the return potential of this cryptocurrency.
The proposed legislation, known as House Bill 1203 or the Strategic Bitcoin Reserve Bill, was introduced in the Oklahoma House of Representatives by state representative Cody Maynard.
The bill would allow Oklahoma’s pension funds and state savings accounts to allocate part of their assets to Bitcoin to “hedge against inflation.”
The bill permits investments in any digital asset with an average market capitalization of $500 billion in the previous calendar year. Currently, only Bitcoin, with a market cap of $1.97 trillion, meets this requirement.
Nasdaq today filed Form 19b-4 to begin trading the Litecoin ETF by Canary Capital. Just a few hours ago, Canary amended its S-1 form, indicating productive feedback from the SEC.
Multiple analysts have stated that the U.S. Securities and Exchange Commission (SEC) will soon approve this fund, making it the first altcoin ETF of 2025.
Canary Capital’s Litecoin ETF
The path for the Litecoin ETF seems to be nearing completion. Earlier today, Canary Capital submitted a revision of its S-1 registration form to the SEC, indicating potential approval and sparking bullish whale activity.
ETF analyst Nate Geraci later pointed out that Nasdaq also submitted a Form 19b-4 requesting the SEC to allow trading of Canary’s Litecoin ETF.
If Canary Capital’s Litecoin ETF receives SEC approval, it could significantly impact the price of the asset. Recently, Litecoin has faced considerable bearish pressure, including the lowest daily active addresses since 2023.
