Bitcoin surges to 2-month high at $96k, offers key bull market indicators

Bitcoin prices have reached their highest level in 2026, sparking predictions that they will return to six figures this month.

According to TradingView, bitcoin topped $96,000 on Coinbase in early trading in Asia on Wednesday morning.

The cryptocurrency reached its highest price since November 16, marking a two-month high. BTC has now gained 9% since the beginning of October 2026.

The move came as US President Trump urged Federal Reserve Chairman Jerome Powell to cut interest rates following a lower-than-expected CPI print.

There is a good chance that we will test the bull market support band relatively soon, according to analyst ‘Daan Crypto Trades' on Tuesday. “When prices are trying to go up, they're going down fast,” the group said.

“We always see that retest. Whether it breaks back up or not is very important for the next few weeks or months.”

Consider that there is a good chance that $BTC will test a relatively recent bull market support band.

When the price is trying to grind higher, it is going down faster.

That retest is what we see every time. Whether the top breaks back or declines is crucial for the next few… pic.twitter.com/krC7mM3OCs

— Dan Crypto Trading (@Dancrypto) January 13,

The 50-week EMA is crucial.

According to fellow analyst Will Clements, this rally in Bitcoin is “fading with spot buying and perps as funding turns negative and open interest rises to intraday highs.”

Negative perpetual futures rates, coupled with rising open interest, suggest shorts are gathering space to prevent growth, which could set up a short-term squeeze if demand for space continues.

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Meanwhile, analyst ‘Sykodelic' called it a “great move from Bitcoin” and a clean break of $94,500 with increasing volume.

“All eyes on the daily close … hold over $94.5k and I believe it will continue towards $100k,” he added.

According to Tradingview, BTC's daily close on Coinbase was $95,370, and the asset was trading slightly below that level at the time of publication.

A Stockmoney Lizards analyst looked at the 50-week exponential moving average, which has been a “bull/bear indicator over the years.”

“I continue to believe this is not yet a bear market,” he said.

The 50-week EMA is currently at $97,600, just $2,000 or so above the current price.

Bitcoin price action is becoming interesting now.

The weekly EMA50 is a bull/bear indicator over the years.

I believe this is not a bear market yet.

For my hypothesis to be true, BTC should be able to cross the weekly EMA50.

It controls… pic.twitter.com/GaQgDv9J1m

— Stockmoney Lizards (@StockmoneyL) January 13, 2026

Elsewhere on Crypto Markets

Ethereum gained 8% on the day to hit its highest level since mid-December at $3,350, a big boost from Bitcoin's big move.

Ether has outperformed Bitcoin this year, gaining more than 12% since New Year's Day.

Altcoins were on the rise with strong gains for XRP, Dogecoin, Cardano, Monero, Chainlink and Stellar.