The bitcoin price started 2026 with a sharp rally, climbing above $94,000 as ETF inflows, bullish options positioning and renewed geopolitical hedge demand lifted market sentiment. The bitcoin price is trading near $94,100 today, reaching levels last seen in early December. The price briefly touched an intraday high of $94,352 after opening the year near $87,400 on Jan. 1, per Bitcoin Magazine Pro data. As of this morning, bitcoin was changing hands around $94,000, according to market data, putting it within 1% of its recent seven-day high.
The rally pushed bitcoin’s market capitalization to roughly $1.87 trillion, with daily trading volume hovering near $51 billion. Bitcoin’s circulating supply stands just under 20 million coins, out of a fixed cap of 21 million. The move higher followed a period of sideways trading through late December, when the bitcoin price struggled to break above resistance near $91,000. That level has since turned into short-term support, opening the door to a renewed test of the $94,000 – $98,000 range that capped prices for much of the past two months.
Bitcoin’s rebound coincided with weekend reports that the United States had captured Venezuelan President Nicolás Maduro, a development that rippled across commodity and crypto markets. Oil stocks jumped on expectations that Venezuela’s energy sector could reopen under new leadership, while crypto-linked equities such as Coinbase and Strategy each rose more than 4%. Analysts cautioned that the event itself was not a direct catalyst for bitcoin. Instead, it reinforced bitcoin’s role as a hedge against geopolitical pressures and sanctions risk.
“The $100,000 January call has become the most popular contract on the platform, with total notional open interest reaching about $1.45 billion.” On-chain data shows roughly $1.2 billion worth of bitcoin was withdrawn from exchanges over the past 24 hours, a sign that investors are moving coins into self-custody rather than preparing to sell. From a technical perspective, bitcoin price’s breakout from a multi-week consolidation has shifted attention to resistance near $98,000. A move above that level could bring the psychological $100,000 mark back into play, a threshold bitcoin failed to hold during late-2025 rallies.
Support for bitcoin price now sits near $91,400, with stronger backing around $87,000 if prices pull back. A failure below $84,000 would weaken the bitcoin price near-term structure, though longer-term bulls argue that rising yearly lows continue to define bitcoin’s broader uptrend. For now, traders enter the new year with momentum on their side. Whether bitcoin price can turn the early-January surge into a sustained breakout will depend on continued ETF demand, options market dynamics and how global macro risks evolve in the weeks ahead.
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