The price of Bitcoin has risen in the new year, supported by renewed optimism and strong inflows for instant exchange-traded funds. The king of cryptocurrencies pushed the rise despite geopolitical tensions following the American strike on Venezuela.
Markets remained resilient, indicating that investors prioritized liquidity trends and institutional demand over short-term macro uncertainty.
Bitcoin whales change their position
Whale behavior has changed significantly over the past day. Addresses holding between 10,000 and 100,000 Bitcoin sold about 50,000 Bitcoin between December 29 and January 3. This distribution phase reflected caution as Bitcoin consolidated beneath key resistance.
In the past twenty-four hours, those small wallets flipped themselves. They gathered about 10,000 Bitcoin worth $912 million, after Bitcoin surpassed the $90,000 level. This renewed accumulation indicates confidence among major holders and may help absorb selling pressure in the near term.
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Whales often act as a liquidity anchor during periods of volatility. Their return to buying indicates expectations of higher prices in the future. If accumulation continues, it may strengthen support levels and solidify Bitcoin's progress through early 2026.
Is Bitcoin's paste a concern?
Miner behavior provides a counterweight to bullish sentiment. The net position change of miners shows a sharp increase in sales over the past twenty-four hours. Outflows rose from 55 Bitcoin to 604 Bitcoin, reflecting miners taking advantage of higher prices for profit.
While volume remains moderate compared to the total supply in the market, selling the metal still affects short-term dynamics. An increase in issuance to the market could reduce upward momentum, especially if demand growth slows. This selling may limit the pace of Bitcoin’s rise rather than completely reversing it.
Miners typically sell during strength to fund operations. Their activity does not necessarily indicate bullish conviction. However, as profits increase, they may delay breakouts until new demand absorbs the additional supply.
BTC price breakout awaits confirmation
Bitcoin broke a six-week downward barrier in the past twenty-four hours, trading around $91,327 at the time of this report. This technical breakout indicates improved momentum.
To maintain the breakout, Bitcoin must secure $92,031 as support, which would open a path towards $95,000.
Bullish confirmation requires reclaiming key moving averages. The 50-day moving average around $91,554 and the 365-day moving average at $97,403 serve as resistance.
Flipping these levels to support would indicate a stronger trend reversal and improve chances of moving back above $100,000.
Short-term risks remain tied to macroeconomic responses. Global markets will react to the U.S. actions in Venezuela when trading resumes on Monday.
A negative reaction could pressure risk aversion on Bitcoin, driving the price back towards $90,000 or lower, nullifying the immediate bullish thesis.