Bitcoin (BTC) is trading at $96,568, marking a 3.16% gain in the past 24 hours, supported by a market cap of $1.91 trillion. With a robust 24-hour trading volume of $33.9 billion, Bitcoin’s current momentum showcases increasing investor confidence. The Fear and Greed Index has improved to a neutral 51 from a prior reading of 48, reflecting a gradual shift toward optimism in the crypto market. Meanwhile, the broader cryptocurrency market has a total valuation of $3.41 trillion, with daily trading activity of $114.7 billion. However, Bitcoin dominance stands out, surging to 56.2%, overshadowing Ethereum at 12.2% and altcoins at 31.6%. IRS Crypto Tax Delay Could Drive Buying The IRS has postponed its new crypto cost-basis reporting rules to December 31, 2025, which initially required centralized exchanges to implement the FIFO (First In, First Out) accounting method. Critics argued this could inflate tax liabilities during bull markets by taxing older, lower-cost basis holdings first. This delay gives investors breathing room to use more flexible accounting methods, such as HIFO (Highest In, First Out), while brokers update their systems. The move is seen as favorable for crypto buyers and could stimulate increased market activity, particularly in Bitcoin. 3/ IRS recognized this issue and issued temporary transition relief (Notice 2025-7), today. This means, If you sell assets inside a CeFi broker, you can still use your books & records/crypto tax software to document which specific unit you are selling. You won't have to be… — Shehan (@TheCryptoCPA) December 31, 2024 Notably, institutions like the Blockchain Association and Texas Blockchain Council have taken legal action against the IRS over forthcoming broker reporting requirements due in 2027. Swiss Proposal: Bitcoin for National Reserves A Swiss initiative aims to amend the nation’s Article 99 Constitution, requiring the Swiss National Bank (SNB) to allocate Bitcoin reserves alongside gold. This proposal, backed by 2B4CH and supported by key industry figures like Tether VP of Energy and Mining, signals increasing global adoption. It's official! The Bitcoin initiative has been published in the Federal Gazette (Bundesblatt) today! This means the signatures collection phase starts today. The committee will have until 30.06.2026 to collect and submit 100,000 manuscript signatures from Swiss citizens. 1/3 — Bitcoin Initiative (@initiativeBTC) December 31, 2024 The initiative needs 100,000+ signatures by June 30, 2026, to advance. While cities like Lugano are embracing crypto, SNB Chair Martin Schlegel remains skeptical, citing concerns about Bitcoin’s environmental impact and payment utility. Still, such moves underscore Bitcoin’s growing legitimacy as an asset class. Bitcoin Price Technical Outlook – January 2, 2025 Bitcoin recently broke above a descending trendline, signaling bullish momentum as it eyes a test of the $98,332 resistance level. A Fibonacci retracement at 38.2% aligns with this level, making it a critical threshold for further upside. If the price clears this resistance, the next targets lie at $100,254 (50% retracement) and $102,177 (61.8% retracement). On the downside, immediate support is observed at $94,576, with stronger levels at $92,103 and $89,613, safeguarding against potential bearish reversals. The 50 EMA, currently at $95,000, reinforces the bullish case, while the RSI hovers near 60, signaling moderate buying strength without overbought conditions. Bitcoin’s triple-bottom pattern at $92,103 has provided a solid foundation for the ongoing rally, while increasing volume supports the breakout narrative. A sustained move above $98,332 would confirm bullish dominance, potentially paving the way toward the psychological $100,000 level. 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