Bitcoin Hits $93,000 as Venezuela Volatility Sparks Market

Bitcoin (BTC) has reached $93,000 for the first time in almost a month, driven by volatility in Venezuela. This surge comes after a nearly month-long absence from this price level. However, traders remain skeptical about the sustainability of this rebound.

Bitcoin's Aggressive Price Rebound

The recent price action has seen Bitcoin gain as much as 6.6% over the past five days, according to data from TradingView. This rebound is significant, but some traders predict that the price will unlikely recover straight from here. CrypNuevo, a trader, likened the current price action to October 2019, predicting that the price would continue to hunt nearby liquidity on exchange order books before potentially sweeping the lows and then pumping.

Technical Analysis and Market Trends

A key golden cross is almost here on the four-hour chart, paving the way for further market strength. On the daily chart, a golden cross is still far from reality after its own death cross hit a month later. Taking a longer-term perspective, trader SuperBro notes that another pair of trendlines is already flipping green: the weekly 100-period SMA and EMA. Historically, the weekly 100 EMA and SMA cross deep in the bear, but 2026 is proving to be different.

Geopolitical Tensions and Market Reaction

All eyes are on risk assets and commodities this week as markets react to the US military move on Venezuela and its consequences. The surprise headlines hit outside TradFi trading hours over the weekend, leaving crypto to deliver the world’s only real-time response. The total crypto market cap has added 5% since Friday, retaking the $3 trillion mark. More conspicuous is its return to moving in the same direction as safe-haven assets gold and silver.

Economic Events and Fed Rate Cut Expectations

The first full trading week of 2026 contains some important US macroeconomic data releases for risk-asset sentiment. The focus will be on employment trends, with the numbers coming at a time when the labor market continues to show stress. This has implications for the Federal Reserve, which must decide on interest-rate changes at its Jan. 28 meeting. For risk assets, another cut would be welcome, but sentiment does not yet support that outcome.

Whale Activity and Selling Pressure

New data from on-chain analytics platform CryptoQuant shows that large-volume traders are already seeking to lock in modest profits and reduce BTC exposure. The week beginning Dec. 29 saw monthly highs in net inflows to the largest global exchange, Binance, with the BTC tally alone near $1.5 billion. CryptoQuant warned that buying power was not matching the inflows, with stablecoin net flows “essentially flat.”

Conclusion and Future Outlook

Bitcoin's rebound from below $90,000 may not be an easy one, thanks purely to crypto market forces. While some traders predict a potential bull factor for Bitcoin, others warn of selling pressure and increased supply. As the market continues to react to geopolitical tensions and economic events, it remains to be seen whether Bitcoin can sustain its current price level.