Bitcoin has started the new year with renewed momentum, extending its recovery as investor sentiment improves across global markets.
The world’s largest cryptocurrency has surged above $93,000 price, after it climbed as high as $93,344 on Wednesday, reflecting a broader resurgence in risk assets.
Market observers attribute the move to what some describe as an “everything rally.” Min Jung, a research associate at Presto Research, noted that Bitcoin’s advance mirrors gain in Asian equity markets, with indices such as South Korea’s Kospi and Japan’s Nikkei rising more than 2%. The alignment suggests crypto markets are once again responding to broader macro risk sentiment rather than moving in isolation.
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Nick Ruck, Director of LVRG Research, echoed this view, pointing to renewed investor participation as businesses reopen for the new year. He added that continued institutional accumulation during Bitcoin’s recent consolidation phase has helped underpin the latest rally.
“Traders are closely monitoring key resistance levels around $95,000 for signs of a sustained breakout, alongside potential impacts from broader macroeconomic shifts and ETF flow dynamics in early 2026,” Ruck said.
Meanwhile, long-time Bitcoin critic and gold advocate Peter Schiff has dismissed the crypto rally, arguing that the era of digital asset “mania” is over. Schiff pointed instead to a sharp rally in precious metals, highlighting gold’s surge above $4,400, alongside strong gains in silver, platinum, and palladium. He attributes the move to inflation concerns, rate-cut expectations, and rising geopolitical risks.
However, current market data shows both narratives unfolding simultaneously. While precious metals benefit from safe-haven demand, Bitcoin has also climbed above $90,000, challenging his view that capital is rotating exclusively out of digital assets.
Sentiment Improves, But Caution Persists
Market psychology has shown notable improvement. The Crypto Fear & Greed Index has climbed from 29 last week to 40, signaling a move away from “Extreme Fear,” a zone often associated with capitulation. While sentiment remains cautious, the shift suggests growing confidence among participants.
Geopolitical developments continue to shape the narrative. Reports surrounding U.S.–Venezuela tensions remain in focus, particularly amid claims that Venezuela may be holding a substantial Bitcoin reserve. Intelligence reports cited by Whale Hunting researchers Bradley Hope and Clara Preve suggest the Venezuelan government may have accumulated between $56 billion and $67 billion worth of Bitcoin and stablecoins.
According to these reports, the accumulation began around 2018, when Venezuela allegedly sold gold from the Orinoco Mining Arc and converted part of the proceeds into Bitcoin. As U.S. sanctions intensified, oil buyers were reportedly required to settle transactions using USDT (Tether), with portions later converted into Bitcoin to reduce the risk of address freezes.
Additional sources of crypto holdings are believed to include seized mining operations and crude-for-crypto arrangements between 2023 and 2025. Combined estimates suggest Venezuela could control 600,000 BTC or more, potentially placing it among the largest Bitcoin holders globally, alongside institutions such as BlackRock and MicroStrategy.
Despite the positive momentum, volatility is expected to persist. Traders are closely watching key U.S. economic data this week, including ISM Services, JOLTS, and Friday’s Non-Farm Payrolls and wage growth figures, all of which could influence Federal Reserve rate-cut expectations.
From a technical standpoint, Bitcoin remains constructive if it holds above $91,500. Immediate resistance sits near $93,200, followed by $93,500 and $94,000. A sustained close above $94,000 could open the door for a test of $94,650, with further upside toward $95,000, $95,500, and potentially $95,800.
Outlook
While Bitcoin’s strong start to the year reflects improving sentiment and supportive risk conditions, caution remains warranted. The Fear & Greed Index is still firmly within “Fear” territory, underscoring lingering uncertainty around Federal Reserve policy following hawkish signals from December’s FOMC minutes. Additionally, the recent rebound may partly reflect technical repositioning after year-end tax-loss selling rather than a decisive shift in long-term conviction.
Looking ahead, Bitcoin’s near-term direction is likely to be shaped by macroeconomic data, ETF flow dynamics, and geopolitical developments. A confirmed break above the $95,000 resistance zone could reinforce bullish momentum, while failure to hold key support levels may reintroduce volatility as markets reassess risk in early 2026.