• BTC topped $102k on the charts, but will it climb higher into the weekend? 
• Options traders expect massive upside price swings into the weekend

Bitcoin [BTC] reclaimed $102k on the price charts again, ahead of Donald Trump’s presidential inauguration on 20 January. 

The upswing elevated BTC’s price action above key moving averages and reinforced a strong bullish outlook. With less than a few days to go for the inauguration, the question is this – Which direction will the cryptocurrency take now?

Will Bitcoin extend its rally?

On the daily chart, it broke out above $100k and retested it as support, further confirming the likely extension of the uptrend. This differed from the previous surge to $102k on 6 January – A deviation from the $100k before the price sharply retreated. 

The immediate bullish target would be the supply zone and bearish order block $105K-$108K (red). If the $108k resistance is cleared, the next key level would be at $122k. With the daily RSI far from flagging an overheated market, the recovery could extend itself. 

However, the latest move to $102k didn’t record much uptick in trading volume—A slight caution to bulls. In a reversal scenario, $100k, moving averages ($97k/$95k), or even the range-low at $90k could be key levels to watch. 

Liquidity grab to $103.5k?