Bitcoin surged past the $94,000 mark over the past 24 hours, reigniting investor confidence and strengthening hopes that the broader crypto market may regain momentum in the days ahead.
The flagship cryptocurrency climbed as high as $94,752 before pulling back slightly and is currently trading around $93,222 at the time of reporting.
The rally marks a strong start to the new year for Bitcoin, which crossed the $90,000 threshold with little sign of slowing down. According to on-chain analytics platform Santiment, the recent bullish price action is largely driven by sustained accumulation from whales and sharks, alongside profit-taking by retail traders—a combination that has historically supported upward momentum.
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Santiment noted that crypto markets “typically follow the path of key whale and shark stakeholders and move in the opposite direction of small retail wallets.” Since mid-December, these large holders have collectively accumulated an additional 56,227 BTC. The firm described this period as Bitcoin’s local bottom, adding that the divergence between accumulation and flat price action was “bound to produce at least a minor breakout.”
Institutional appetite further underscores this trend. American Bitcoin, a treasury company backed by U.S. President Donald Trump, increased its Bitcoin holdings to 5,427 BTC, valued at over $505 million. Meanwhile, Strategy Inc. added 1,287 BTC, bringing its total holdings to approximately 673,783 coins. This risk-on behavior from institutions is supported by strong cumulative fundamentals carried over from 2025, including significant inflows into spot Bitcoin ETFs.
In the past 24 hours, market conditions have reportedly improved further as retail traders took profits amid expectations of a potential bull trap or short-term rally. Analyst James Check observed that while Bitcoin’s move to $94,000 is notable, the more significant development is the “massive supply redistribution happening under the hood.”
He highlighted that Bitcoin’s previously top-heavy supply has rebalanced from 67% to 47%, profit-taking has dropped sharply, and futures markets are experiencing a short squeeze, all while overall leverage remains relatively low.
“Bitcoin remains in a bullish consolidation phase,” said Andri Fauzan Adziima, research lead at Bitrue, in comments to Cointelegraph. He identified key upside resistance between $95,000 and $100,000, noting heavy call option interest around the $100,000 strike for January expiry. On the downside, immediate support lies between $88,000 and $90,000, with a break below that range potentially triggering a deeper correction.
Geopolitical factors have also played a role in boosting crypto market sentiment. President Donald Trump’s tough stance on Venezuela has drawn renewed attention to reports suggesting the country may hold a substantial Bitcoin reserve. Intelligence reports cited by Whale Hunting researchers Bradley Hope and Clara Preve claim that Venezuela may have accumulated between $56 billion and $67 billion worth of Bitcoin and stablecoins.
The alleged accumulation reportedly began around 2018, following gold sales from the Orinoco Mining Arc, with proceeds converted into Bitcoin. As U.S. sanctions intensified, oil transactions were reportedly settled using USDT, with portions later converted into Bitcoin to mitigate the risk of address freezes.
From a technical perspective, Bitcoin appears well positioned for further upside. If the price holds above $92,500, it could attempt another leg higher. Immediate resistance sits near $94,200, followed by key levels at $94,500 and $95,000. A decisive close above $95,000 could open the door to $95,800, $96,500, and potentially the $97,000–$97,200 range.
On the downside, failure to break above the $94,500 resistance zone could lead to a corrective move. Immediate support is seen around $93,200, with stronger support near $92,800. This level also aligns with the 50% Fibonacci retracement of the recent rally from the $90,805 swing low to the $94,783 high.
Outlook
Overall, Bitcoin’s short-term outlook remains cautiously bullish. Continued whale accumulation, reduced profit-taking pressure, and supportive institutional flows suggest the market may be building a base for a potential move toward the $100,000 psychological level.
However, traders are likely to remain sensitive to macroeconomic signals, geopolitical developments, and key technical levels, which could introduce volatility in the near term.