Bitcoin reaches $94,000, driven by momentum in financial markets. The movement, clean and fast, evokes a renewed confidence. However, the fundamentals are struggling to keep up. Volumes are collapsing, liquidity remains low. This increase is as intriguing as it is reassuring.
In brief
- Bitcoin reached $94,026, its highest level since December 2025, driven by the rise in stock markets and gold.
- This rebound comes in a tense geopolitical context, particularly after the American military operation in Venezuela.
- Several key technical thresholds were crossed, reviving hopes of an upcoming breakout towards $100,000.
- However, spot trading volumes are at their lowest since the end of 2023, according to Glassnode, which fuels doubts.
Bitcoin is on the attack again: a surge fueled by global markets
While bitcoin becomes more stable than most tech stocks, it reached this Monday January 5, 2026 a new annual high at $94,026 on Bitstamp, according to TradingView data.
This is its highest level since December 11, 2025. This performance is part of a broader movement of recovery of financial assets, against the backdrop of the American military operation in Venezuela. Such a geopolitical context seems to favor both risky assets and safe havens. Here is the essential elements :
- The reaction of global markets: the S&P 500 and the Nasdaq each posted an increase of 1%, while the price of gold climbed more than 2.5%, crossing $4,455 per ounce;
- A coordinated surge in assets: “Asset holders continue to win”, comments The Kobeissi Letter on X, highlighting the bullish correlation effect between traditional markets and cryptos;
- Key technical thresholds crossed: BTC has exceeded its 50-day exponential moving average. It also crossed the 2025 annual opening level of $93,500.
“ Retesting the 2025 annual opening level is significant. A break and hold above 94K could pave the way towards 100K“, said Max Rager on X.
“I don't expect an immediate breakout, but I think it will happen within the week. The year started bullishly», observes analyst and entrepreneur Michaël van de Poppe.
According to trader Exitpump, the rally was started by the deletion of large sell orders in the order book, which would have triggered upward pressure fueled by aggressive buying: “The continuation will now depend on the buyers on the spot“, he specifies.
Despite this favorable context, some analysts call for caution, emphasizing the fragile nature of a rally which is largely based on technical signals and a short-term reaction to geopolitical events. The actual depth of the market remains to be confirmed.
A dynamic built on a fragile foundation
Despite this spectacular recovery, several voices are being raised to highlight the worrying weakness of trading volumes, in total contradiction with the apparent vigor of the market.
Trading volumes on the crypto spot market have reached their lowest level since the end of 2023. A serious alert for market observers, who recall that technical increases not supported by real volumes are often accompanied by brutal reversals.“This type of low-volume pump, typical of post-holiday periods, has often been entirely traced back to the past”warns trader Roman on X.
The lack of liquidity also seems perceptible in on-chain data. Market veteran Willy Woo sees a slight rebound in liquidity in the short term, but points to a structurally bearish trend. If bitcoin is currently showing signs of vitality, this situation could hide a lack of real commitment from long-term investors, giving way to movements dominated by algorithms or short-term opportunistic trading.
The price of bitcoin continues to rise, but the fragility of volumes fuels caution. Without structural support, the movement remains exposed to sudden reversals.
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