NAIROBI (CoinChapter.com) — Bitcoin surged past a key breakout level on Jan. 30, hitting $105,563 on Bitstamp as it outperformed the broader crypto market. While BTC continued its bullish momentum, altcoins struggled to keep pace, highlighting a widening gap in market performance.
Bitcoin Surges to $105K Despite Fed’s Hawkish Stance
Bitcoin price hit $105,227 on Jan. 30, marking a 2.81% daily gain, according to CoinMarketCap. The surge erased losses from the DeepSeek dip, with market participants turning bullish.
BTC/USD 1-day price chart. Source: CoinMarketCap“Bitcoin structure looks flawless. It really does, from LTFs to HTFs, it really looks like it wants higher,” trader Castillo Trading wrote on X.
BTC was the only net gainer among the top 15 cryptocurrencies by market cap, rising 2.3% over the past week, while altcoins failed to keep pace. Trader Pentoshi noted Bitcoin’s resilience amid market turmoil, predicting new highs soon.
BTC/USDT 4-hour chart. Source: PentoshiBitcoin’s strength emerged despite the Federal Open Market Committee (FOMC) maintaining a hawkish stance by holding interest rates steady. Traditionally, such moves weigh on crypto markets, but BTC rebounded swiftly, suggesting strong underlying demand.
BTC/USD 1-day price chart. Source: Michaël van de PoppeCrypto analyst Michaël van de Poppe projected a return to price discovery “in the coming weeks,” with February as a potential breakout period.
Bullish Momentum Faces Key Resistance at $108K
Bitcoin’s ability to reclaim $105,000 fueled further bullish sentiment. Trader Skew highlighted that BTC had cleared sell-side liquidity at $104,000, with new resistance forming at $107,000.
BTC/USDT 4-hour chart. Source: SkewMarket data from CoinGlass showed liquidation zones developing near $108,000, with bullish divergences “playing out nicely,” according to trader Roman. He pointed to indicators like Stochastic and RSI, which still have room for further gains.
“Stoch & RSI have plenty of room to break 108 resistance and head higher. We also have bull divs playing out nicely,” Roman noted.
Coinbase Struggles as Bitcoin Outperforms
While Bitcoin soared, Coinbase’s stock remained below its direct listing price, continuing to struggle despite tracking BTC’s movements. A report from Ecoinometrics highlighted how Coinbase’s fate remains tied to Bitcoin’s performance.
Coinbase lags Bitcoin since 2021 listing. Source: XSince its listing on April 14, 2021, Coinbase has mirrored Bitcoin’s price action, experiencing a massive drawdown in 2022 before staging a recovery in 2023. However, its returns remain negative compared to Bitcoin, with COIN down 26% since its direct listing, while BTC has climbed 62% over the same period.
Despite the growing adoption of Bitcoin ETFs, Ecoinometrics warned that these financial products might not provide the boost Coinbase needs to recover fully. The firm described Coinbase as a “leverage play on Bitcoin,” suggesting that any upside for the exchange will depend on BTC sustaining its bullish trajectory.
With Bitcoin outperforming while Coinbase lags, some traders echoed sentiments like Carl ₿ Menger’s post on X, referring to the exchange as a “Shitcoin Casino” struggling to keep up with BTC’s breakout.
Bitcoin’s resilience despite macroeconomic headwinds signals growing institutional demand. With traders eyeing key resistance levels at $108,000, BTC’s price action will likely dictate market sentiment in the coming weeks.
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