Bitcoin briefly traded above $93,000 at the start of the year, with intraday activity ranging from $90,877 to $93,204. Over the past 24 hours, BTC gained more than 2%, while trading volume climbed 41%. The report links the move to three forces hitting at once: a large unwind in speculative futures positions, geopolitical headlines tied to Venezuela, and a technical breakout that drew in fresh buying.
Leverage washout leaves the market with lighter positioning
Matrixport said roughly $30 billion in leveraged positions across Bitcoin and Ethereum futures had been resolved since the previous peak in October 2025. That reset meant the crypto market entered 2026 with much of the speculative excess from the last quarter already cleared out. According to the firm, lower positioning during the New Year holiday made price action more decisive and allowed buy-side momentum to show up more clearly.
Venezuela headlines feed supply and sanctions debate
At the same time, developments in Latin America shifted how traders assessed risk. The article says that after a U.S. military operation in Venezuela, President Nicolas Maduro was arrested on January 3, reviving discussion around the country’s relationship with crypto. It also cites intelligence assessments suggesting Caracas may have used Bitcoin and USDT in oil and gold transactions to bypass sanctions.
That led to wider debate over claims that Venezuela could control a secret reserve of as much as 600,000 BTC. The report does not present proof for the figure, but says traders are considering what would happen if those assets were seized by the U.S. In that scenario, the coins could be absorbed into strategic reserves or frozen for a long period, both of which would support expectations of tighter circulating supply.
Technical breakout puts $94,000 in focus
On the chart side, market analyst Joe Consorti said Bitcoin moved back above its 50-day moving average for the first time since October 2025. He described that as a sign that selling pressure had weakened, with price recovering to levels last seen at the start of December. Consorti added that a decisive break above the 50-week average at $101,000 could open the door to another rally.
The report also points to a move above both the 200-period moving average and the exponential moving average on the four-hour chart, a setup that supports a bullish short- to medium-term view. For now, $94,000 stands out as the near-term level to watch. A break above it could accelerate momentum; failure there may leave Bitcoin trading in a brief consolidation range.