Bitcoin stands firm at $93K; is it due to whales hoarding or geopolitical crises?
In the early hours of Monday, when the numbers on the Bitcoin trading screen jumped over $93,000, a dull market that had lasted nearly three months was completely ignited, with over $260 million in short positions being devoured in the roar.
The signal for the market to hold its breath has finally appeared: as of January 6, 2026, the price of Bitcoin firmly stands above $93,000. In the past week, this king of cryptocurrencies has achieved an astonishing growth of 7%, while Ethereum and Solana have performed even more impressively, with increases nearing 9%.
Market Overview: Rebound and Divergence
The crypto market kicked off 2026 with a strong rebound. Bitcoin briefly broke above $93,400 in early January, marking the first time since the market downturn in early October that it surpassed the 50-day moving average. Ethereum also showed strength, maintaining around $3,200, forming a dual-majors dynamic with Bitcoin. The market generally believes both giants are consolidating rather than declining, providing a stable foundation for the entire market.
Mainstream tokens are showing clear divergence. According to the latest trading data, XRP led the market with a 15% weekly gain. In contrast, some major coins like Binance Coin and Cardano showed slight declines.
Bitcoin Cash performed strongly, rising 8.063% within 24 hours and recording trading volume of $58.8 million, showing strong momentum.
Driving Factors: Whales, Geopolitics, and Liquidity
Institutional whales are quietly accumulating. Over the past 30 days, large holders have purchased approximately 270,000 Bitcoins, worth about $23 billion.
Tether CEO Paolo Ardoino publicly disclosed that the company purchased 8,888 Bitcoins on New Year's Eve 2025, valued at approximately $780 million.
Geopolitics has become an unexpected catalyst. Political changes in Venezuela have triggered widespread market discussion about the 'shadow Bitcoin reserves.' Experts estimate that the Venezuelan government may hold over 600,000 Bitcoins, with a current market value ranging from $56 billion to $67 billion. Liquidity conditions continue to improve. Since the Federal Reserve ended quantitative tightening in December 2025, its balance sheet has expanded by over $100 billion.
Hidden Risks: Technical Resistance and Supply Shock
Although Bitcoin has broken through $93,000, analysts warn the market still faces resistance. Market analyst Rekt Capital points out that Bitcoin's 12-month closing price remains below $93,500, a level that could become a key resistance point.
If Bitcoin is in the early stage of a bear market, the price might form a 'macro lower high' after breaking through this resistance, then continue to decline. According to Glassnode data, spot trading volume has dropped to its lowest level in nearly a year. Market depth has not yet fully recovered, increasing the risk of a sudden price reversal.
Additionally, in January 2026, multiple major crypto projects will see large-scale token unlock events, with new supply potentially reaching up to $2 billion. This additional liquidity entering the market could put pressure on prices.
Trend Outlook: Institutionalization and Regulatory Clarity
Goldman Sachs notes that regulatory reform is the biggest catalyst driving institutional adoption of crypto. Clear regulations and use cases beyond trading are paving the way for deeper institutional participation in digital assets. The global crypto regulatory landscape is undergoing structural change. Hong Kong has introduced licensing requirements for virtual asset trading and custody firms. China's central bank will allow banks to pay interest on digital RMB wallets starting January 1, 2026.
On the market structure front, Cathie Wood publicly stated that 'the four-year Bitcoin cycle has officially ended,' suggesting the market may be entering a new paradigm. Chris Kuiper from Fidelity Digital Assets added that 2026 will see a new tier of investors entering the space.
Traditional financial institutions are also accelerating their involvement. Raoul Pal predicts that 'major banks will begin promoting Bitcoin in 2026.'
As the Bitcoin price approaches the $94,000 mark, traders in front of their screens suddenly realize that a new chapter in the 2026 crypto market has quietly begun. Ethereum has steadily climbed above $3,200, XRP surged 15% in a single week, and the legend of Venezuela's 'shadow Bitcoin reserves' has tightly linked geopolitics with the crypto market.
The candlestick charts on trading screens keep extending, but the real transformation is quietly unfolding beyond the charts—regulatory breakthroughs predicted by Goldman Sachs, the upcoming Bitcoin promotion by major banks, and over 600,000 Bitcoin reserves that may be locked up. These factors intertwine to paint a picture of the 2026 crypto market: full of opportunity, yet not without challenges.
