Bitcoin Surges Past $103K, DexBoss Leads Altcoin Rally

Bitcoin Price Analysis: January 29, 2025 - Bitcoin Breaks Through $103,000 Milestone, DexBoss Emerges as Top AltCoin

On January 29, 2025, Bitcoin (BTC) experienced a significant price movement, initially forming an upward channel and reaching the $103,000 mark. The price action was accompanied by a doji bar and a death cross in the Moving Average Convergence Divergence (MACD) indicator, suggesting a potential dip at this critical psychological barrier. However, the price stabilized at $101,600 and oscillated before a breakout occurred at 19:40 UTC, confirmed by a golden cross in the MACD. A subsequent retracement to the 20 Exponential Moving Average (EMA) at $103,000 set the stage for further gains. Bitcoin then climbed to the day's peak of $104,782, followed by a minor retreat.

Throughout the day, Bitcoin charted a path upwards, establishing an ascending channel that signaled strong bullish momentum. The upper boundary of this channel, combined with the psychological impact of the $103,000 mark, acted as a significant resistance at 8:05 UTC. A doji bar at this level served as a cautionary sign for traders, followed by a decisive red candle that hinted at a possible trend reversal. This downturn was underscored by a death cross on the MACD, marking the shift towards bearish conditions.

After breaching the channel's lower boundary, Bitcoin's movements entered a phase of consolidation. The price found support at $101,600 around midday, a level tested again at 19:15 UTC, highlighting its importance as a potential springboard. A breakout above the trading range at 19:40 UTC, supported by a golden cross on the MACD, suggested renewed bullish momentum. The market then saw a retracement to the previously contested resistance, now acting as support, in alignment with the 20 EMA. This setup further fueled the upward trajectory, leading to a peak of $104,782, showcasing the robust bullish sentiment before a slight pullback.

As Bitcoin continues to exhibit bullish