Bitcoin & Ethereum — Jan 16 Evening Market Update

Bitcoin (BTC)

Bitcoin maintained a sideways-to-uptrend this evening. Price briefly dipped to around 95,400 earlier in the session before rebounding strongly after U.S. CPI came in below expectations. BTC later pushed above 97,000 and is now consolidating near 96,500.

Intraday movement stayed within a ~1,600-point range, while trading volume rose ~25% compared to the same time yesterday — largely supported by continued Bitcoin ETF inflows. Market sentiment is improving, though traders remain cautious near resistance.

Technical view

Daily MA5 (95,600) and MA10 (94,800) are turning upward

Price remains above all key moving averages

95,000 USDT support confirmed as solid

Hourly RSI ~58, still in bullish territory

MACD red bars are shrinking, suggesting momentum is slowing but not reversing

Key takeaway:
BTC structure remains bullish, but 97,000–97,500 is a heavy supply zone, keeping price in consolidation for now.

---

Ethereum (ETH)

Ethereum followed Bitcoin’s lead, holding strength throughout the session. After consolidating near 3,250 yesterday, ETH climbed to an intraday high of 3,450, then pulled back slightly to stabilize around 3,420.

Price action stayed within a ~200-point range, with volume up ~25% day-over-day. ETH continues to move in sync with the broader market rather than showing an independent breakout.

Technical view

Daily MA5 (3,350) and MA10 (3,280) have crossed upward

Price remains above all major moving averages

3,250 USDT confirmed as short-term support

Hourly RSI ~58, still bullish

MACD shows easing downside pressure, indicating a healthy pullback

Market context Positive CPI data, strong BTC ETF inflows, and optimism around potential SEC crypto policy shifts are supporting sentiment. However, if Bitcoin dominance drops below ~57.3%, capital rotation could delay ETH’s next breakout.