The Bitcoin price skyrocketed past the $96,000 mark this afternoon, breaking through a crucial resistance area and indicating a resurgence of bullish momentum following weeks of volatile, sideways trading. As of now, bitcoin is trading at approximately $96,000, reflecting an increase of about 4.4% in the last 24 hours, based on market data. The breakout signifies a definitive shift past the upper limit of January’s consolidation range. Bitcoin’s price is currently hovering close to its weekly highs, positioned about 5% above its seven-day low around $91,700, as buyers reclaim control of the short-term market structure.
The US Senate Agriculture Committee has postponed its crucial markup of the Digital Asset Market Structure CLARITY Act, now set for late January. The Senate’s Banking Committee markup remains on the calendar for January 15. John Boozman has unveiled a timeline for the progression of crypto market structure legislation. The legislative text is expected to be released by the end of business on Wednesday, January 21, followed by a committee markup slated for Tuesday, January 27, at 3 p.m. BooZman stated that the schedule aims to guarantee transparency and a comprehensive review, while also offering regulatory clarity for crypto markets and fostering consumer protection and innovation in the U.S. The delay indicates that Senate leaders might not have the necessary votes to push the bill forward, as disagreements persist regarding stablecoin rewards, DeFi oversight, and the authority of the SEC and CFTC. The House successfully passed its version in mid-2025; however, the bill’s progression hinges on the approval from both Senate committees.
In spite of this, Bitcoin trading activity is surging in tandem with the price increase, as 24-hour volume has risen to approximately $55 billion, indicating a resurgence in participation as the price continues to climb. Bitcoin’s total market capitalization has surged to around $1.92 trillion, solidifying its position as a leader in the digital asset arena. The circulating supply is currently just shy of 19.98 million BTC, edging closer to the protocol’s hard limit of 21 million coins. Shares of Strategy surged today, closing at $172.99 USD with a notable 6.63% gain. The momentum continued in after-hours trading, reaching $177.00, up +2 after hours, as investors remain optimistic about the company’s high-risk, bitcoin-linked strategy. On January 12, Strategy revealed the acquisition of 13,627 bitcoin for $1.25 billion, bringing its total holdings to 687,410 BTC. The acquisitions occurred from January 5 to January 11, financed via the company’s at-the-market offering program, which encompassed sales of Class A common stock and its 10.00% Series. A perpetual preferred stock, Stretch. Tuesday’s surge comes after multiple unsuccessful breakout attempts in recent months, during which bitcoin consistently tested resistance around the mid-$94,000 range before retreating. Throughout the previous month, the price action has been tightly bound within the range of approximately $85,000 to $94,000, leading analysts to caution that bulls must make a significant upward move to regain dominance.
The move now seems to be in progress. If the bitcoin price can maintain acceptance above $96,000, the next significant resistance zones lie between $98,000 and $104,000, levels that have historically limited upward momentum. A failure to maintain current levels, however, could lead to a price retracement toward previous resistance that has now become potential support. The breakout comes as investors assess inflation trends, interest-rate expectations, and the rising political uncertainty associated with U.S. monetary policy. The Department of Justice has launched a criminal investigation into Federal Reserve Chair Jerome Powell, marking a significant development on the political front. The investigation is ramping up a prolonged conflict between the White House and the U.S. central bank. Powell revealed that the DOJ has issued grand jury subpoenas to the Federal Reserve and has indicated the possibility of a criminal indictment related to his June 2025 testimony concerning a renovation project exceeding $2.5 billion for Fed office buildings. In recent months, the bitcoin price has shown a growing tendency to react to macro narratives, as many participants perceive it as a safeguard against policy instability and the long-term erosion of currency value.