Bitcoin kicked off 2026 with a notable surge, rising approximately 8% since the year’s onset. This uptick can be attributed to a combination of institutional inflows, strategic derivatives positioning, and significant geopolitical events that have collectively bolstered sentiment throughout the crypto markets. The bitcoin price is currently hovering around $94,100, marking a return to levels not observed since early December. The price briefly reached an intraday high of $94,352 after starting the year around $87,400 on January 1, according to data. This morning, bitcoin was trading at approximately $94,000, based on market data, placing it within 1% of its recent seven-day peak. The rally propelled bitcoin’s market capitalization to approximately $1.87 trillion, while daily trading volume remained around $51 billion. Bitcoin’s circulating supply is currently just shy of 20 million coins, with a maximum limit set at 21 million.
The recent uptick came after a phase of lateral movement in late December, during which the bitcoin price faced challenges in surpassing resistance around $91,000. The level has now established itself as short-term support, paving the way for a potential retest of the $94,000 – $98,000 range that has constrained prices for a significant portion of the last two months. Bitcoin’s resurgence aligned with weekend news of the United States capturing Venezuelan President Nicolás Maduro, a significant event that sent waves through both commodity and crypto markets. Oil stocks surged on the anticipation that Venezuela’s energy sector might reopen with new leadership, while crypto-related equities like Coinbase and Strategy saw increases of over 4%. Experts warned that the event in question did not serve as a direct trigger for bitcoin. Instead, it underscored bitcoin’s position as a safeguard against geopolitical tensions and the risks associated with sanctions. “Escalating pressure without direct military conflict is supportive of bitcoin,” stated Dean Chen. He highlighted historical trends where tighter sanctions, capital controls, or restrictions on the global banking system have aligned with a rise in real-world bitcoin usage.
Traders in the derivatives markets appear to be gearing up for additional gains. On Deribit, the leading crypto options exchange globally, there has been a notable increase in open interest for January call options featuring a $100,000 strike price. The $100,000 January call has surged in popularity, now standing as the leading contract on the platform, with total notional open interest hitting approximately $1.45 billion. Spot bitcoin exchange-traded funds have once again surfaced as a significant catalyst. On Monday, U.S.-listed bitcoin ETFs saw impressive net inflows nearing $700 million, marking the highest single-day total since October, as reported by industry data. The demand stands at over 7,000 BTC, significantly surpassing the daily new issuance from miners. Consistent ETF purchases can reduce the available supply and bolster higher prices, especially when combined with decreasing balances on exchanges. On-chain data indicates that approximately $1.2 billion in bitcoin has been withdrawn from exchanges. This trend suggests that investors are opting to move their coins into self-custody instead of gearing up for sales.
From a technical perspective, the breakout of bitcoin’s price from a multi-week consolidation has drawn focus to the resistance level around $98,000. A surge past that level could reignite interest in the psychological $100,000 mark, a threshold that bitcoin struggled to maintain during the late-2025 rallies. Bitcoin’s price support currently hovers around $91,400, with a more robust foundation at approximately $87,000 in the event of a price retracement. A drop below $84,000 could undermine the near-term structure of bitcoin’s price. However, long-term bulls contend that the increasing yearly lows are indicative of bitcoin’s overarching uptrend. As we step into the new year, traders find themselves buoyed by positive momentum. The potential for bitcoin’s price to transform the early-January surge into a lasting breakout hinges on ongoing ETF demand, the dynamics of the options market, and the evolution of global macro risks in the coming weeks.