Bitcoin price, after reaching resistance above $97,000, has cooled to trade slightly above $95,500. BTC is trading at $95,699 as of 2:01 a.m. EST, with trading volume down 16% to $55.8 billion, signaling a drop in activity as the price retreated.
The drop comes amid a drop in total market capitalization to $3.3 trillion, with BNB the only top 5 asset to post a positive gain on the day.
The drop comes even as the US Senate is about to restart hearings on BTC and crypto market structure, and data shows that the Iranians have increased BTC withdrawals amid the ongoing political crisis.
Senate Banking Committee Lawmakers Say Crypto Bill Is Closer
Despite the delay, US lawmakers struck an optimistic tone on crypto legislation as talks progressed. Posts shared on social media platform
As Senate Banking Committee Chairman Tim Scott continues negotiations among committee members, the White House and industry stakeholders on crypto market structure legislation, says Senator Cynthia Lummis declared.
“Thanks to Chairman Scott’s leadership, we are closer than ever to giving the digital assets industry the clarity it deserves. Everyone is still at the negotiating table, and I look forward to working with him to craft a bipartisan bill that the industry and America can be proud of.”
I’ve spoken with leaders from the crypto industry, the financial sector, and my Democratic and Republican colleagues, and everyone remains at the table in good faith.
While we take a brief pause before moving on to an increase, this market structure bill reflects months of…
— Senator Tim Scott (@SenatorTimScott) January 15, 2026
Meanwhile, Senator Bill Hagerty said he was confident a consensus product would be reached in short order on Thursday.
I applaud the chairman @SenatorTimScott for his leadership, as well @SenLummis and the White House for working day and night with all members of the Banking Committee on legislation on the structure of the crypto market. I am confident that we will arrive at a consensus product in the short term.… https://t.co/YJshwUjnd1
— Senator Bill Hagerty (@SenatorHagerty) January 15, 2026
If the bill could pass, it would usher in the most consequential restructuring of America’s financial markets. The established rules will sustain innovation and strengthen economic leadership in the long term.
Iran turns to crypto during crisis
Meanwhile, according to data from Chainalysis, cryptocurrency usage in Iran has risen amid the country’s mass protests, with Iranians withdrawing BTC to preserve its value amid instability.
Chain analysis said A report on Thursday stated that Iran’s crypto ecosystem would reach a value of $7.78 billion by 2025, accelerating amid the ongoing unrest and a substantial increase in daily crypto transfers.
🚨 IRAN: $7.8 Billion CRYPTO SURGE!
According to a Chainalysis report, crypto activity in Iran has reached $7.8 billion amid an economic crisis and protests.
• People use Bitcoin to hedge against 40-50% inflation.
• The IRGC controls 50% of the inflow to international… pic.twitter.com/fJ7bNQIIcX
— Crypto Aman (@cryptoamanclub) January 16, 2026
According to the report, BTC’s role in the ongoing crisis is not limited to capital preservation. Bitcoin has also become an element of resistance, offering liquidity and optionality in an increasingly constrained economic environment.
Will the price of Bitcoin rise to $100,000 by 2026?
Bitcoin price remains strong above the USD 93,500 support and the Fibonacci Retracement level at 0.236. The current jump above this area was pushed by the supply zone around $89,000.
As a result, BTC has jumped above the 50-day Simple Moving Average (SMA) at $90,123, supporting the overall bullish outlook. Meanwhile, the 200-day SMA acts as overhead resistance at $105,949.
Bitcoin’s Relative Strength Index (RSI) is also near overbought territory, currently at 64.51, indicating that buyers are in control without the price being overbought. This is a sign that the price still has room to rise again.
Meanwhile, the Moving Average Convergence Divergence (MACD) has also turned positive, with the blue MACD line crossing above the orange signal line.
The one-day BTC/USD chart analysis shows that Bitcoin price could rise above the Fibonacci level of 0 ($97,926), with the next resistance and target in the Fib zone of -0.271 at $103,264.
To further strengthen the bullish case, more than 17,700 BTC tokens have been collected by exchange-traded funds (ETFs) so far this week, indicating continued trading activity.
17,700 Bitcoins $BTC.
That’s about $1.68 billion collected by ETFs so far this week! pic.twitter.com/Hs5E9feATg
— Ali Charts (@alicharts) January 16, 2026
Conversely, due to the 5.4% gain over the past week, short-term investors can still take profits, which could push the price towards the $89,000 support.
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