Bitcoin Eyes $100K as Ethereum Prepares to Breakout
Bitcoin $92,956.85 traders kicked off 2026 with optimism, purchasing options bets that aim for a price surge into six figures. Since at least Friday, there has been a significant uptick in investor interest surrounding the $100,000 strike January expiry call option available on Deribit, recognized as the leading crypto options exchange in terms of volume and open interest. A call option provides the buyer with the right, though not the obligation, to acquire the underlying asset at a set price on a future date. The $100,000 call option signifies a wager that bitcoin’s price will surge past that threshold on or before the contract’s expiration. Flow continues to be heavily influenced by rolls, with a significant increase in interest surrounding the 30 Jan 100k calls,” Jasper De Maere. In the last 24 hours, the active or open contracts for that specific option have surged by 420 BTC, as reported. The notional open interest growth stands at $38.80 million, marking the highest among all January calls and across all platform-wide expiries on Deribit, where each options contract corresponds to one BTC.
The upside positioning reflects the bullish sentiment that characterized much of 2025, as traders pursued call options at strikes ranging from $100,000 to $140,000. According to a source, demand for these bullish option plays could surge further if BTC’s price rally extends beyond $94,000. The cryptocurrency has experienced a surge of approximately 5% in the initial five days of the year, momentarily exceeding $93,000 early on Monday. Post-[December] expiry positioning has undergone a transformation. BTC perpetual funding on Deribit has surged past 30%, indicating that dealers are currently positioned short gamma to the upside. “This dynamic was evident as spot pushed through 90k, triggering hedging flows into perpetuals and near-dated calls,” reported last week.
Technical indicators suggest ETH price may break out of consolidation at $3,133.31 barrier level with positive MACD divergence. ETH price action today is based on technical reasons because there are no major catalysts. No significant news events have affected fundamental price discovery in the recent 48 hours, thus technical analysis is the best way to understand market dynamics. As Ethereum’s technical analysis predicts a consolidation phase near key resistance levels, the small 0.67% daily gain signals gradual accumulation rather than momentum-driven purchasing. This consistent price fluctuation often implies broader directional adjustments as the market agrees on fair value. At $3,133.31, ETH is dangerously close to the upper Bollinger Band at $3,134.31. The 20-day moving average is $2,975.55, much below current levels, suggesting Ethereum is testing its trading range. The asset remains above all shorter-term moving averages, with the 7-day SMA at $3,039.04 and the 50-day SMA at $3,007.87 providing support. However, the 200-day moving average is $3,602.21, suggesting medium-term resistance above. In the previous 24 hours, the Binance spot market witnessed $547.5 million, showing moderate institutional interest and no undue speculation. Despite moderate price increase, the MACD histogram level of 29.0067 suggests strong bullish momentum in recent sessions, indicating underlying buying pressure. Divergence between moderate price gains and strong momentum indicators often predicts rapid rises. The RSI is neutral at 59.30, allowing upward without overbought circumstances. Our stochastic oscillator shows %K at 87.83 and %D at 89.89, indicating momentum entering overbought area, although caution is not needed yet.
A move beyond $3,167.22 may target $3,447.44, the next technical obstacle. This level matches consolidation highs and requires sustained volume to break. Failure to hold levels above $3,107.49 might test the $2,775.19 support level, where the 20-day moving average is projected to be more relevant. A dip below this level would change the technical view to bearish. Ethereum is mirroring Bitcoin again today as both cryptocurrencies increase while traditional markets stay calm. The connection remains favorable, with institutional flows treating major cryptocurrencies as one asset class. Traditional markets are sending mixed signals to crypto assets. The lack of volatility in the S&P 500 or gold allows crypto-specific technical considerations to dominate price discovery. A sustained break over $3,167.22 and more volume may spark momentum buying toward $3,447.44. The bullish MACD histogram supports this scenario if market circumstances remain stable. Target progression follows $3,167.22 → $3,300 → $3,447.44 resistance levels, needing volume confirmation. Rejection at higher Bollinger Band levels might cause a regression approaching psychological support near $3,000. Difference between ETH price and 200-day moving average suggests market downturn vulnerability. Downside objectives include $2,975.55, the 20-day moving average, and $2,775.19 if selling pressure increases. With the 14-day ATR at $113.70, stop-losses must reflect market volatility. Long positions may seek stops below $3,050, while short-term traders may use $3,100. The proximity to resistance levels and volatility during breakout attempts must be considered when sizing positions.
