Bitcoin (BTC) has crossed the $102,000 price level as it continues to trade in the green. The flagship cryptocurrency has gained over 3% in the past 24 hours and almost 8% over the past week. Bulls will set their sights on BTC’s all-time high of $108,268 if the price continues to push higher during the ongoing session. Crypto Market Registers Sharp Jump Bitcoin (BTC) crossed $102,000 today as it continues its upward trajectory, buoyed by declining US core inflation and expectations of further rate cuts by the Federal Reserve. Markets are also anticipating the launch of new spot ETFs and positive developments in the SEC’s case against Ripple. Additionally, Donald Trump’s impending inauguration has also boosted market sentiment. BTC’s market dominance has also registered a substantial jump, while the crypto market cap is up nearly 4% and currently sits at $3.61 trillion. If BTC continues its upward trajectory, it could extend its rally and retest its all-time high of $108,268, opening the doors for a potential move past $110,000. Coinbase To Offer Bitcoin-Backed Loans Cryptocurrency exchange Coinbase has introduced Bitcoin-backed loans, allowing users to borrow USDC without selling their Bitcoin holdings. The loan feature will be available in all US states except New York. The loans will be facilitated by Morpho, a permissionless, non-custodial lending protocol on Ethereum and Base. The lending product is not new, given users on Base could borrow USDC on Morpho or other decentralized finance (DeFi) services. What’s new is the easy access to Bitcoin-backed loans. Coinbase explained how the loan feature works in a statement, “In under a minute, you can get a loan in USDC without ever having to sell your bitcoin. You can earn over 4% in USDC rewards, send USDC globally for free, and use it onchain. You can also convert USDC to USD 1:1 for free to cover major expenses like buying a car or making a downpayment on your mortgage.” Coinbase also plans to add more assets in the future and will also expand the product’s geographical availability. “We are starting with Bitcoin as collateral, with plans to add more assets in the future. Crypto-backed loans are available to customers starting in the U.S., excluding New York State, with plans to expand to more markets.” How Do The Loans Work? The loans and borrowing process are optimized for speed and simplicity. Users can put their BTC as collateral. The BTC will be converted to Coinbase Wrapped Bitcoin (cbBTC) and transferred onchain to Morpho. The service will allow clients to borrow up to $100,000 in USDC based on their BTC holdings, with the borrowed funds transferred instantly. Loan repayments will also be flexible with no fixed repayment schedule. Liquidation will only occur if the value of the collateral drops below a specified threshold relative to the loan amount. Users will be able to monitor the loan status through the Coinbase app. Bitcoin (BTC) Price Analysis Bitcoin (BTC) started the year on a high as bullish momentum carried it past the 20 and 50-day SMAs during the first week of January. BTC reached its first peak of 2025 when it crossed $100,000 on January 6 and settled at $102,228. However, momentum waned the following day as selling pressure drove the price down over 5% as BTC slipped below the 50-day SMA. By Thursday the price had gone below the 20-day SMA and dropped to a low of $91,298 before settling at $92,710. Despite the overwhelming bearish sentiment, BTC recovered on Friday, recording an increase of 2.27% and moving to $94,818. However, it fell on Saturday thanks to the 20-day SMA acting as resistance, registering a marginal drop to settle at $94,542. It ended the week with a marginal increase on Sunday, ending the weekend at 94,585. Source: TradingView BTC began the current week facing unprecedented selling pressure as it plummeted below $90,000 to an intraday low of $89,397. However, buyers bought the dip, allowing BTC to reclaim $90,000 and settle at $94,492, ultimately registering only a marginal decline. The price recovered on Tuesday, rising 2.19% to move past the 20-day SMA and settle at $96,566. Bullish sentiment intensified Wednesday as BTC surged past the 50-day SMA, crossing $100,000 and settling at $100,050. BTC lost momentum on Thursday as it fell to an intraday low of $97,086 before recovering to settle at $99,799. The current session sees BTC up over 2%, with the price having crossed $102,000 and trading around $102,570. BTC’s RSI currently sits at 62, above the neutral zone, and is pointing upwards, indicating growing bullish momentum. Additionally, the MACD has also flipped to bullish. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
