Bitcoin Hits 2026 High At $97K: What’s Next?

Bitcoin’s (BTC) start-of-year recovery continued into the second week of January as the cryptocurrency made fresh 2026 highs above $96,000. The rally confirmed a new higher high structure, a move that technical analysts interpret as a higher-high structure

Key takeaways:

• Bitcoin secured a daily close above $95,000, confirming a higher high and weakening near-term resistance.

• Binance net taker volume briefly exceeded $500 million, coinciding with rising open interest and the lowest hourly funding rate since October 2025.

• With limited resistance above $95,000, some analysts see scope for a technical move toward $103,500.. 

Key Bitcoin metrics indicate a rally is here to stay

Onchain data shows Bitcoin’s rally gaining strength. The Coinbase Premium Index has gradually reset after sustained selling from Jan. 6 to Sunday. While the index remains net-negative, the pace of selling pressure has clearly slowed, suggesting reduced panic from US-based investors.

Additionally, the seven-day average Bitcoin inflow to Coinbase Advanced is running about 2.5 times its baseline. Similar inflow spikes in the past have sometimes preceded price appreciation, OTC settlement or ETF positioning rather than outright selling.

At the same time, stablecoin inflows remain muted. This points to a waiting phase from investors, and in past cycles, stablecoin liquidity has frequently lagged BTC inflows, but it can turn into a conditional bullish signal if follow-through demand emerges.

Derivatives data reinforces this view. Crypto analyst Amr Taha noted a sharp expansion in Binance net taker volume, with a single hourly candle exceeding $500 million in aggressive market buying.

Combined with rising open interest, which analysts say has historically aligned more with trend continuation than reversals. Similar conditions earlier this month preceded a rapid move toward $96,000.

Bitcoin’s hourly funding rate also hit its lowest level since Oct. 17, 2025, reflecting crowded short exposure and cautious use of leverage. As funding normalized, the price rallied sharply, suggesting some short positions may have been forced to unwind as price moved higher.

Related: Spot flows drive Bitcoin surge as analysts tip $100K run next

Key price levels to watch for BTC

In the short-term, traders will continue to watch $100,000. However, from a technical standpoint, the next major supply zone sits higher, from $103,300 to $107,500. From $95,000 to $103,300, overhead resistance is notably thin, leaving room for price expansion if momentum persists.

The broader market liquidity remains light across both spot and futures markets, leaving BTC vulnerable to sharp swings. The recent rally above $95,300 liquidated $270 million in short positions, shifting the next meaningful liquidity cluster to the long side.

From a structural perspective, the $92,500 to $90,000 region also stands out on the lower end. A daily order block formed there following the rally, marking a potential zone where Bitcoin could establish its next higher low. Holding that area would strengthen the case for a sustained push above $100,000 before month-end.

Related: Bitcoin cools near $96.5K as markets shrug off US tariff uncertainty