Bitcoin has started 2026 on a strong note, starting with its price breaking through the $94,000 mark in early January, a threshold that hasn’t been traded for weeks. The increase was not the result of a single cause, but rather a combination of factors changing power between buying and selling pressure, increasing institutional interest, signals within the chain pointing to a stabilizing market, and unexpected political developments in Venezuela that appear to have contributed to the appetite for risky assets.
Geopolitical risk on sentiment and institutional flows
One of the major forces behind Bitcoin’s push to $94,000 was the willingness among investors to take risks in global markets, a mood swing that partly formed by dramatic political developments in Venezuela.
News that Venezuelan President Nicolás Maduro was captured by US forces set off a chain reaction through stocks, commodities and crypto, heightening the sense of risk as traders assess the wider economic and geopolitical implications of the event. Perhaps the most interesting news event is the chatter surrounding a potential Venezuelan shadow $60 billion Bitcoin reserve.
This background of increasing confidence played a broader role return of institutional capital to Bitcoin. The US-based Spot Bitcoin ETFs saw significant net inflows in early 2026, with $116.95 million on Friday, January 2 and $123.52 million on Monday, January 5. These inflows helped lift Bitcoin’s price back into the low $90,000s and provided traction as buyers jumped in after the New Year’s holiday break.
On-Chain statistics show a changing market tone
According to analytical data from Glassnode, Bitcoin’s market structure stabilizes in the $80,000 to $95,000 range, selling pressure begins to subside and momentum begins to recover. Momentum indicators such as the Relative Strength Index have entered an upper neutral zone, indicating a build-up of upside potential. Spot liquidity, while still lean, has increased modestly with no signs of speculative excess.
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Glassnode noted that open interest is tentatively recovering and options markets are pointing to near-term volatility, signaling both rising participation and continued sensitivity to profit-taking.
The activity on the chain also shows a reduction in aggression on the sales side a modest improvement in spot volumes. However, Glassnode noted that structural demand is still subdued, and this places the recovery above $90,000 as vulnerable.
Bitcoin Price Momentum. Source: @glassnode on X
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These on-chain activities, in addition to news events, worked together to help Bitcoin overcome a $90,000 technical hurdle. served as resistance the entire time December 2025. The question now is whether this move marks the beginning of a continued upward progress $100,000 or a temporary spike within a still uneven market landscape. At the time of writing, Bitcoin is trading at $92,780, down 0.5% from the intraday high of $94,343.
Featured image created with Dall.E, chart from Tradingview.com