Bitcoin (BTC) returned to $102,000 at the Jan. 27 Wall Street open as bulls bounced back from a US stocks scare.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC price rebound reclaims $100,000 mark
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining up to 4.6% versus local lows of $97,750 on Bitstamp.
Those had accompanied a snap comedown in US equities futures due to the release of Chinese ChatGPT rival DeepSeek, which sparked concerns over US competitiveness in the field.
Big Tech sold off noticeably at the open, but further significant downside was yet to materialize at the time of writing as Bitcoin sought to reclaim the six-figure mark.
“That should be the pullback,” popular trader Crypto Chase responded in his latest analysis on X.
An accompanying chart left the door open for a fresh local low around $95,000, with Crypto Chase suggesting that if it holds as support, traders “can still be bullish.”
BTC/USDT perpetual swaps 1-week chart. Source: Crypto Chase
Others dismissed the gravity of the risk-asset downside, arguing that an overreaction was at hand.
Caleb Franzen, creator of market research resource Cubic Analytics, zoomed out.
“Even the S&P 500’s 10-week return of +1.65% is tracking towards an annualized return of +8.8%, which is almost exactly the average annual performance of the index since 1950,” he observed in a Jan. 26 blog post.
“Don’t even get me started on Bitcoin, up +37% in 10 weeks. You do the math.”
BTC/USD quarterly returns (screenshot). Source: CoinGlass
Data from monitoring resource CoinGlass confirmed BTC/USD was still up more than 8% in Q1.
Reactions also included dismay at certain entities selling BTC because of an external shock not specific to crypto markets.
“People selling Bitcoin now need to deepseek within themselves if they have studied Bitcoin enough,” Jan Wüstenfeld, lead researcher at tech firm Melanion GreenTech, wrote on X.
Bitcoin rangebound but “relatively resilient”
Looking ahead, trading firm QCP Capital raised topics beyond DeepSeek that could potentially dictate crypto behavior.
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“As for BTC, we do not foresee a break higher without confirmation on a Strategic Bitcoin Reserve,” it predicted in its latest post sent to Telegram channel subscribers on the day.
“The Trump administration’s evaluation for a ‘national digital asset stockpile’ was not enough to sustain bullishness in the market, at least in the near term. Risk reversals remain skewed in favor of Calls only from March onwards, indicating that the market is not expecting much until quarter-end.”
QCP added that the upcoming Federal Reserve interest rates decision was a key event for the week.
It described current BTC price strength as “relatively resilient” given the well-established mid-term trading range.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.